Goldman Sachs economists are challenging the popular narrative that AI investments are driving U.S. economic growth, revealing that AI contributed basically zero to GDP growth in 2025. Despite tech giants like Meta, Amazon, Google, and OpenAI spending billions on AI infrastructure, the actual economic impact has been minimal, according to Chief Economist Jan Hatzius.

Hatzius explained that much of the AI equipment is imported, meaning spending benefits foreign economies like Taiwan and South Korea rather than the U.S. GDP. This contradicts earlier optimistic analyses, including Harvard professor Jason Furman's claim that AI investments accounted for 92% of GDP growth in early 2025. The disconnect between investment hype and economic reality is becoming harder to ignore.

Adding to the skepticism, a survey of nearly 6,000 executives found that 80% reported no productivity gains from AI despite 70% of firms actively using the technology. With companies projected to spend $700 billion on AI infrastructure this year, the gap between investment and return raises questions about the sustainability of the current AI spending frenzy. The findings suggest that the economic benefits of AI may be more limited and slower to materialize than industry leaders have claimed.