SoftBank has committed €75bn to build data centers in France, highlighting Europe's struggle to compete with the US in AI. The move raises questions about funding feasibility but signals growing recognition of AI's economic importance. US GDP data shows computer investment accelerated dramatically in 2025, with AI driving significant growth despite measurement challenges.

AI investment surged from $37bn in 2023 to $219bn in 2025, while AI output prices plummeted 94%. Economists estimate this could have boosted real GDP by 4 percentage points in 2025 if properly measured. However, consumption remains 10 times larger than tech investment in the overall economy, preventing AI from single-handedly driving growth.

The chip industry presents a mixed picture: normal cyclical growth for most companies combined with an extraordinary surge in specific sectors. Nvidia and memory makers like Micron are experiencing explosive growth, while other chip companies follow more traditional patterns. This distinction helps explain why the overall industry appears both overheated and structurally transformed.