Democracy Dies in Darkness

This economic idea transfixed Wall Street and Washington. It may be a mirage.

Massive investment in AI contributed “basically zero” to U.S. economic growth last year, Goldman Sachs has calculated.

February 23, 2026 at 5:00 a.m. ESTFebruary 23, 2026

7 min

Pixelated dollar currency on black backgroundFor AIGDP. (Washington Post illustration; iStock) (Washington Post illustration; iStock)

By Shira Ovide

A new economic indicator has captivated Silicon Valley, Wall Street and Washington.

Technology companies’ massive spending on artificial intelligence accounted for half or more of U.S. growth last year, some economists calculated, effectively propping up an otherwise anemic economy.

What readers are saying

The comments reflect a deep skepticism about AI's contribution to economic growth, with many expressing concerns about its potential to exacerbate wealth inequality and lead to mass unemployment. Several commenters liken the current AI investment surge to a speculative bubble,... Show more

This summary is AI-generated. AI can make mistakes and this summary is not a replacement for reading the comments.

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