Washington: AI Could Become a "New Factor of Production," Two AI Giants' Annualized Token Sales Revenue Exceeds $100 Billion

Percept AI News Flash: Federal Reserve Chair Kevin Wash, in his Jackson Hole speech, specifically discussed artificial intelligence, stating that the current AI development has become a "turning point in history," with progress even surpassing the most optimistic expectations from a few years ago. Wash stated that business capital spending is currently growing at the fastest pace since 2021, with an increase of about 9% in the past four quarters, more than half of which is related to AI infrastructure. In the future, the focus will be on the "second-order change" in AI capital spending growth, that is, whether the growth rate will continue to accelerate.

Wash mentioned that the annualized Token sales of two leading AI companies have now exceeded $1 trillion, representing a growth of over 500% from a year ago. He stated that the Federal Reserve has now considered AI as "a new variable," which could become a new factor of production, and its development will impact economic growth and monetary policy formulation.

Wash also raised questions about whether AI can bring about sustained productivity gains, whether Token usage and labor are complementary or competitive, and whether the economic surplus created by AI will ultimately be captured by AI labs, chip manufacturers, energy suppliers, or cloud service providers, with no clear answer yet.