SemiAnalysis analysis shows that AI capital expenditure is the real driving force behind US economic growth

According to SemiAnalysis analysis, the latest four economic data in the United States were affected by one-time factors, and the real domestic demand growth rate of GDP in the first quarter was revised down to 1.7%. The 0.7% month on month increase in personal income in May included a one-time agricultural disaster subsidy of $59.6 billion. PCE inflation was 4.1% driven by energy, and tariffs raised commodity inflation to 4.8%. AI related capital expenditures have become the main driving force, with equipment, software, and IP contributing approximately 1.55 percentage points to GDP growth in the first quarter, which is about four times the contribution of household consumption.