US companies are investing more in software, equipment, and intellectual property. Data shows that corporate capital expenditures as a percentage of actual final sales have risen from about 10% after the 2008-2009 recession to 14.7%, with software spending also increasing from 1.4% in 2014 to 4%. However, this shift in investment structure has not yet translated into a corresponding increase in employment. A study released by the Federal Reserve in July indicated that approximately 90% of equipment in the high-tech industry comes from overseas, thus the construction of AI data centers has significantly boosted imports of chips, servers, and other components. For the US, while AI investment increases corporate capital expenditures, its direct contribution to domestic GDP growth may be weakened due to import offsetting effects; for hardware supply chains like Taiwan and South Korea, the demand-driven effect is more direct. If the AI investment cycle reverses, the impact may first be reflected in imports of high-tech equipment and orders from overseas suppliers.
