News Summary

• If AI delivers as promised and fundamentally transforms the economy, we will have moved from the current investment phase, where AI builders dominate, to one where AI users will reap the greatest reward.
• That is what happens every time an innovation becomes a general-purpose technology.
• At Vanguard, we anticipate 3% US GDP growth in 2027, an estimate that is noticeably higher than other professional forecasts.
• Such growth will not represent an incremental improvement, but rather a fundamental shift in the economy’s growth trajectory.