Odaily columnist Liu Xiaoshu stated that while global tech giants are investing hundreds of billions of dollars in data centers, GPU computing clusters, and AI infrastructure, the share of private investment in U.S. GDP is systematically rising, and the marginal contribution of household consumption to economic growth is continuously weakening.

The market is generally concerned about the lack of immediate cash flow from AI investments. Early signs of "growth without an increase in consumption share" are emerging in the US economy, which might offer a different perspective—this is remarkably similar to the historical path of the American Second Industrial Revolution from 1870 to 1890. http://t.cn/AXifdUJN Before discussing the restructuring of the US economic structure, it is essential to clarify the rigorous implications of "growth without an increase in consumption share." This concept does not refer to a shrinkage in total household consumption, but rather to the situation where, as the overall economy expands, the structural proportion of consumption in GDP no longer rises and may even continue to decline. Its core characteristics include: Steady total consumption but declining share: Household consumption continues to increase modestly in both nominal and actual terms, but its growth rate is lower than that of GDP, causing its proportion within the economic structure to peak and fall.Investment-driven growth engine: The increase in GDP is mainly supported by fixed asset investments (such as historic railways and steel, and current AI computing infrastructure).