Federal Reserve Chair Jerome Powell said the current artificial-intelligence boom differs markedly from the dot-com era, citing profitable leaders and real business models underpinning today’s valuations. He pointed to heavy investment in data centers and chips as a meaningful driver of economic growth. Nvidia’s soaring profits and market value contrast with cash-burning AI startups such as OpenAI and Anthropic, which have struck multibillion-dollar deals despite relatively modest revenues. Powell’s remarks followed the Fed’s policy meeting and underscore how AI-related capital spending is filtering into the broader economy.
Powell: AI surge isn’t a dot-com repeat—and it’s powering economic growth
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