Walsh: Or "new factors of production" with two major AI giants selling over $100 billion a year

In Jackson Hall's speech, Walsh said that the development of artificial intelligence had become a "closing point in history" and had moved faster than the most optimistic expectations of a few years ago. He noted that corporate capital expenditure had grown at the fastest rate since 2021, with an increase of about 9 per cent over the past four quarters, more than half of which related to AI construction. Walsh claims that the annual Token sales of two leading AI companies have exceeded $100 billion, an increase of over 500 per cent over a year ago. The Fed has seen AI as a "new variable" that could become a new factor of production, affecting economic growth and monetary policy-making. Walsh also raised the issue of whether AI could bring about sustained productivity gains and the relationship between Token use and the labour force, which remains unclear。