Page 290 - DCAC Feb 2026 Files

AI Investment Spending

• As hyperscalers continue to invest in artificial intelligence, a larger portion of the U.S. economy

can be attributed to tech capex spending.

• S&P Global estimates that U.S. GDP was roughly 0.5% larger in 2Q25 than it would have been
without spending by businesses on data centers and artificial intelligence.

Hyperscalers’ Annual Capex Doubled since ChatGPT’s Release U.S. Real GDP Growth Contribution from Tech Capex
Hyperscaler annual capex (2025 and 2026 reflect estimate) Percent

Nov. 2022: ChatGPT released

Sources: Left: Citi Research, Exponential View. Right: Bridgewater, data as of 8/2025.

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