Goldman says AI boom adds 0.5% to U.S. core PCE inflation by year-end

  • Tekedia Capital analysis flagged near-term inflation risks from the AI buildout, led by supply bottlenecks in chips, software, power.
  • Goldman Sachs estimated AI adds 0.2 percentage points a year to U.S. core PCE inflation, rising to about 0.5 points by year-end.
  • U.S. impact seen far larger than peers, with Canada, Australia, Europe, the U.K., Japan projected near 0.1 points each.
  • Data centers projected to reach 11% of U.S. electricity demand by decade-end from about 6%, reinforcing upward pressure on utility prices.
  • Longer term, productivity gains could turn disinflationary, though the report warned high infrastructure intensity may delay that payoff.


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