The chart shows that broad AI-related investments in the US, including software, computers, communications equipment, and data centers, have risen from approximately $1 trillion in 2024 to nearly $1.5 trillion, all seasonally adjusted annualized nominal amounts. Software still accounts for the largest share, but the most significant acceleration in the last two years has been in computer and communications equipment. The data center building share appears low because the real cost lies in the internal servers, chips, and software.
The chart also includes non-AI spending such as office computers and traditional communications. The Federal Reserve research also acknowledges that currently only broad categories can be used to estimate the impact of AI, and that the large reliance on imports for equipment will offset its actual contribution to GDP.
