AI is driving the S&P 500 index and the broader US economy forward. The CEOs of a handful of few dominant firms have become celebrities, with groupies and markets alike hanging on their words and earnings reports. The line between hype and reality has blurred. But what may burst the AI bubble are not the flagged worries over circular financing, growing debt or Chinese competition. Instead, the unanticipated drag of tariffs and fall in the number of migrants in the US may be what brings these AI champions back down to earth.
President Trump has promised to do “whatever it ...
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