AI Summary

Big Tech and Wall Street have poured money into AI infrastructure, betting that a surge in corporate productivity will soon offset the costs. Within 48 hours, two economists from firms backing the buildout issued warnings that AI spending is outpacing its economic payoff. Goldman Sachs chief economist Jan Hatzius says the growth boost from AI capex will peak in late 2026 or early 2027, as the initial spending surge slows, tax‑depreciation incentives wane, and the stock‑market wealth effect cools. Goldman still expects a long‑term payoff, but near‑term labor‑market disruption may weigh on growth before the benefits materialize.

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