News Summary

• Apollo's chief economist Torsten Sløk says AI's contribution to US GDP is growing faster than both the telecom buildout of the dot-com era and the housing market during its years of expansion leading up to 2008.
• AI infrastructure and data center construction has boomed since the debut of ChatGPT at the end of 2022, spurring huge growth for tech stocks, but fueling concerns about an investment bubble.
• His comparisons come with a warning, particularly in the context of the pre-2008 housing market.
• As high as AI goes, that's as far as it can fall, and he notes that the sharp drawdown in home values exacerbated the financial crisis that followed in the wake of the collapse.