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AXIOS (Neil Irwin) - Quantifying the AI boom crowding-out effect

When investment on the scale of the current AI boom occurs, it inevitably has to come at the expense of something. All the resources devoted to building data centers and developing AI models would otherwise go to something else. The big picture: This crowding out is smaller than you might expect, Goldman Sachs economists find in a new note. - But it does exist, they say, and takes the form of displacing other tech investment and construction , as well as raising corporate borrowing costs. By the numbers: AI investment will be about $600 billion this year, some 2% of GDP, accounting for 10% of business fixed investment and 15% of equipment investment, economists Jessica Rindels and David Mericle wrote. State of play: The first…

When investment on the scale of the current AI boom occurs, it inevitably has to come at the expense of something. All the resources devoted to building data centers and developing AI models would otherwise go to something else. The big picture: This crowding out is smaller than you might expect, Goldman Sachs economists find in a new note. - But it does exist, they say, and takes the form of displacing other tech investment and construction , as well as raising corporate borrowing costs. By the numbers: AI investment will be about $600 billion this year, some 2% of GDP, accounting for 10% of business fixed investment and 15% of equipment investment, economists Jessica Rindels and David Mericle wrote. State of play: The first…Open

AXIOS (Emily Peck) - Why "chipflation" is here to stay

Data: U.S. Bureau of Labor Statistics via FRED ; Chart: Emily Peck/Axios Memory chip prices are skyrocketing, thanks to AI demand, and there's no end in sight. Why it matters: "Chipflation" is pushing up the prices for electronic goods like smartphones and laptops, as well as the costs for cloud storage and hardware — it also helps explain the eye-popping ascents in semiconductor stock prices. - While the overall effect on inflation may not be huge — other kinds of products get more weight in the government's measure of consumer prices — the scale of this boom is unprecedented. By the numbers: The Producer Price Index for electronic components and accessories, which measures what companies pay for semiconductor chips and other…

Data: U.S. Bureau of Labor Statistics via FRED ; Chart: Emily Peck/Axios Memory chip prices are skyrocketing, thanks to AI demand, and there's no end in sight. Why it matters: "Chipflation" is pushing up the prices for electronic goods like smartphones and laptops, as well as the costs for cloud storage and hardware — it also helps explain the eye-popping ascents in semiconductor stock prices. - While the overall effect on inflation may not be huge — other kinds of products get more weight in the government's measure of consumer prices — the scale of this boom is unprecedented. By the numbers: The Producer Price Index for electronic components and accessories, which measures what companies pay for semiconductor chips and other…Open

AXIOS (Ina Fried) - Welcome to the singularity: AI's architects say the next era of human history is here

Top AI architects say their technology has arrived at a threshold once confined to science fiction: the singularity, or the moment machines begin accelerating their own evolution. Why it matters: If these moguls are right, we may be entering the most consequential technological transition in human history — the opening stages of an "intelligence explosion " that transforms civilization faster than humanity can understand or control. Driving the news: Google jolted the tech world Wednesday by announcing a sweeping rupture in the brain trust that built its modern AI empire, as its leaders signaled that artificial general intelligence (AGI ) is within reach. - DeepMind founder and CEO Demis Hassabis , who has declared we're "standing…

Top AI architects say their technology has arrived at a threshold once confined to science fiction: the singularity, or the moment machines begin accelerating their own evolution. Why it matters: If these moguls are right, we may be entering the most consequential technological transition in human history — the opening stages of an "intelligence explosion " that transforms civilization faster than humanity can understand or control. Driving the news: Google jolted the tech world Wednesday by announcing a sweeping rupture in the brain trust that built its modern AI empire, as its leaders signaled that artificial general intelligence (AGI ) is within reach. - DeepMind founder and CEO Demis Hassabis , who has declared we're "standing…Open

AXIOS (Megan Morrone) - Exclusive: College students want ethical AI

The number of business students regularly using AI has increased from 6.2% to 29% over the past three years, according to research from American University's Kogod School of Business , shared first with Axios. Why it matters: The chorus of AI boos at college graduations last spring doesn't tell the whole story: Students increasingly see AI as a critical job skill but want more guidance on using it responsibly. The big picture: Those commencement jeers aimed at AI boosterism captured real anxiety about the future. But most students aren't fully avoiding the technology. - Undergraduate and graduate business students want "more structured preparation to use AI effectively, ethically, and competitively in the workplace," per the study. -…

The number of business students regularly using AI has increased from 6.2% to 29% over the past three years, according to research from American University's Kogod School of Business , shared first with Axios. Why it matters: The chorus of AI boos at college graduations last spring doesn't tell the whole story: Students increasingly see AI as a critical job skill but want more guidance on using it responsibly. The big picture: Those commencement jeers aimed at AI boosterism captured real anxiety about the future. But most students aren't fully avoiding the technology. - Undergraduate and graduate business students want "more structured preparation to use AI effectively, ethically, and competitively in the workplace," per the study. -…Open