Goldman Sachs: AI Contributed Almost Nothing to US Economy Growth Last Year

Bassyonni

Published: February 23, 2026 6:23 PM ET

Goldman Sachs: AI Contributed Almost Nothing to US Economy Growth Last Year

In recent discussions surrounding economic contributions from artificial intelligence (AI), new insights have emerged, particularly from Goldman Sachs. Analysts from the renowned financial institution assert that AI investments may not significantly bolster U.S. economic growth.

Goldman Sachs Analysis on AI Growth Impact

Goldman Sachs has recently shifted its perspective on the economic effects of AI investments. Analysts Joseph Briggs and Jan Hatzius conveyed their findings to various media outlets.

Questioning the Investment Narrative

The narrative suggesting that billions spent on AI investments drive robust U.S. economic growth is under scrutiny. Briggs noted that the initial optimism may have obscured deeper analysis. He stated, “It was a very intuitive story,” implying that assumptions about AI’s impact may not be supported by evidence.

Economic Contributions Labeled as Minimal

Hatzius emphasized that AI investment has had “basically zero” contribution to U.S. GDP growth in recent years. His analysis highlights a significant gap between investment and actual economic benefit. He elaborated that much of the equipment necessary for these technologies is imported, effectively diluting the perceived economic contributions.

The Impact of Imported AI Technology

U.S. investments in AI well-documented.
Imports of chips and hardware affect GDP calculations.
Economic gains are often realized in countries like Taiwan and South Korea.

Challenges in Measuring AI’s Influence

Another challenge complicating the assessment of AI’s economic impact is the lack of reliable metrics. There are currently no established methods for measuring how AI utilization among businesses and consumers translates to economic growth.

Business Leaders’ Perspectives

A recent survey encompassing nearly 6,000 executives across the U.S., Europe, and Australia revealed mixed results. Despite 70% of firms actively using AI, around 80% reported no noticeable changes in productivity or employment levels.

Conclusion

In summary, while significant investments in AI technology are evident, the actual contribution to U.S. GDP growth appears to be minimal, according to Goldman Sachs. This calls for a reevaluation of how AI’s role in the economy is perceived and discussed.