FX Performance Computers

Goldman Sachs’ Chief Economist Jan Hatzius said that despite the massive AI investments by U.S. tech companies in 2025, AI contributed “basically zero” to U.S. economic growth that year. Much of the spending went toward imported chips and hardware, which counts toward foreign GDP rather than U.S. GDP.

Hatzius emphasized that there is currently no reliable way to measure how AI adoption affects productivity, and many businesses report little to no impact on output or employment so far.

As reported by Gizmodo, Goldman analysts argue that the popular narrative of AI driving rapid GDP growth is overstated. While companies are pouring billions into AI infrastructure, these investments haven’t yet translated into measurable domestic economic gains, partly due to the high reliance on imports and the early stage of AI’s productivity effects.

Longer-term, Goldman suggests AI may eventually boost productivity, but its near-term effect on official U.S. GDP remains negligible.