Core Insights - The recent launch of GPT-5 has not generated significant excitement, leading to disappointment among observers, questioning the value of massive investments in AI technology [1] - There is a growing concern about whether AI investments are genuinely driving economic growth or merely reallocating resources within the economy [3][5] Investment and Economic Impact - AI investments are perceived as a form of quasi-fiscal expansion, potentially raising interest rates and crowding out investments in other sectors due to high demand for resources [5][6] - In the first quarter of this year, data center investments contributed approximately 1% to the US GDP, indicating a significant impact on economic growth [6] - There is a noticeable divergence in private fixed investments post-pandemic, with non-residential investments (including data centers) expanding robustly while other sectors face constraints [7] Future Outlook - While AI has the potential to enhance efficiency and expand output in the long term, current market anxieties are rising due to the massive investments being made [11][12] - Historical parallels are drawn to past AI winters, raising concerns about whether the current enthusiasm for AI will lead to a similar downturn if expectations are not met [13][18]