Goldman Sachs: AI added 'basically zero' to US economic growth last year

Goldman Sachs chief economist Jan Hatzius said AI investment spending has had "basically zero" net effect on GDP growth, challenging the narrative that tech spending is propping up the US economy. Analyst Joseph Briggs admitted the intuitive story of AI-driven growth "prevented or limited the need to actually dig deeper." The reassessment undermines President Trump's argument that AI investment makes overregulation risky. While the Fed estimated AI-related investments made up 39% of Q3 2025 GDP growth, Goldman now argues much of that spending displaced other investment rather than generating new output.

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