Overview
- He contrasted the current surge with the dot‑com era, saying highly valued AI leaders have earnings and viable business models.
- He said investment in equipment and data centers is showing up in the real economy and is a notable source of growth.
- He added that interest rates are not an important driver of the AI and data‑center investment wave.
- He warned that AI could affect job creation, pointing to company hiring freezes and layoffs linked to the technology.
- He said the Fed is broadening its data inputs, including private sources, and is watching signs of a bifurcated consumer economy.