Homrich & Berg says AI capex rises to 2.5% of US GDP, topping prior investment booms
QQQ•AI capex surpasses prior U.S. investment booms
Homrich & Berg flagged AI as the largest U.S. investment boom in 150 years, with AI capex set to dominate recent cycles.
- AI capex reached 1.3% of GDP in 2025, projected to rise to 2.5% this year.
- That trajectory tops the telecom and fiber boom near 1.1% of GDP, set to exceed the late-1800s railroad peak near 2.2%.
- S&P 500 earnings growth has averaged nearly 20% during the AI boom, outpacing prior investment cycles.
- AI-focused companies contributed 60% of total S&P 500 earnings growth over the period.
