Record Profits at Samsung and TSMC Say the AI Trade is Intact

Despite a questionable macro economy and soaring energy prices, equity markets have been buoyed by the massive, unprecedented artificial intelligence buildout. Just how impactful has the AI revolution been for the U.S. economy and stock market? The massive wave of CAPEX spending on data centers, graphics processing units (GPUs), and energy has accounted for more than a quarter of total U.S. GDP growth and now dwarfs every other major American infrastructure boom, including the Interstate Highway System, the Apollo space program, and the 19th-century railroad expansion. In other words, Wall Street's big question is: "How sustainable is AI spending?" The answer matters not only to the AI industry, but also for the U.S.