德银：美国经济好坏，现在取决于英伟达！

Core Viewpoint - The report from Deutsche Bank indicates that without technology-related spending, the U.S. economy would have been close to recession earlier this year, highlighting the critical role of AI-related capital expenditures in sustaining economic resilience [1][3][5]. Group 1: Economic Insights - The core driver of technology spending is the "massive AI capital expenditure," which is expected to continue fueling investment as long as the potential profitability of AI is not fundamentally questioned [5][6]. - The actual final sales to domestic purchasers, a key indicator of potential economic momentum, slipped into recession territory earlier in 2025 when excluding technology spending [3][5]. Group 2: Role of Nvidia - Nvidia, with only 36,000 employees, is emerging as a pivotal force in determining the global macroeconomic landscape for 2026 [3][6]. - The report emphasizes that Nvidia may hold the key to understanding the trajectory of the global economy in 2026, given its central role in the current AI investment wave [6].