The only game in town

The impact of AI in the US and the world, continues to be mind blowing. The capital it has attracted, the scale and the growth are just insane. The chart below is eye popping. It simply segregates US goods imports between AI related and the rest. If you only look at the overall headline, you would not see how massive it is. But in the chart you can see the imports of AI related goods are up 80% YoY. The rest of imports into the U.S. economy have contracted 25%. We’re all in on AI. The amount of chips and equipment that are coming to america is incredible. 75% of 1Q26 GDP was linked to AI. And the backbone of the sector is fully dependent on imports. If you look closer, you can see see that something similar happened during the 2000’s. At the time imports were related to the internet infrastructure that was being built. And then the dot.com era blew up and imports collapsed. Have we learned the lesson or have we overbuilt capacity again?

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