Brian Moynihan, the CEO of Bank of America, has remarked that artificial intelligence (AI) is wielding an increasingly profound influence on the U.S. economy. Throughout this year, investments in AI have steadily piled up. These investments are projected to emerge as a substantial growth engine in the upcoming year and beyond, delivering significant marginal benefits. Bank of America forecasts that the U.S. economy will sustain its strength next year, anticipating a growth rate of 2.4%, which surpasses the roughly 2% growth expected for 2025. While the labor market has exhibited some indications of easing, this seems more akin to a normalization process within the job sector. Considering that the AI sector is predominantly controlled by a handful of companies, Bank of America posits that even in the event of a market correction following an overheating phase, the economic threat posed would be comparatively contained.
