Without AI spending, U.S. corporate investment in equipment would be negative, a decline that’s ‘worryingly broad-based,’ Pantheon analyst says | Fortune
A Fortune news article reports Pantheon Macroeconomics analyst Oliver Allen's warning that without AI spending, U.S. corporate investment in equipment would be negative, a decline he calls worryingly broad-based. Allen writes that overall corporate capex rose 2.6% in Q4 2025 — software spending likely linked to AI up 7.4% and computer and communications equipment up 61%, while other equipment investment plunged 17% — with 0.3 points of the year's 2.5% average GDP growth from AI-related sectors; Apollo Global Management puts expected 2026 hyperscaler capex at about $646 billion, roughly 2% of U.S. GDP.
