The David Lin Report Half Of U.S. Growth Is Just Data Centers & AI Says Harvard Economist | Jason Furman
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Nov 3, 2025 
Jason Furman, a Harvard professor and former Chair of the Council of Economic Advisers, shares his insights on the U.S. economy. He discusses how data centers and AI are fueling nearly half of recent GDP growth. Wealth inequality is highlighted, particularly how stock gains impact consumption trends. Furman examines the potential risks of a slowdown in tech investments and analyzes the current labor market challenges. He also addresses U.S.-China trade dynamics and the importance of a strategic policy approach toward stablecoins.
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Data Centers Power Recent GDP Spike
- About half of recent U.S. GDP growth is driven by data center investment in information processing systems and software.
- Without that capex, measured GDP growth would be near zero in early 2025.
Stock Gains Are Widening Wealth Gaps
- Wealth inequality likely rose as stock gains concentrated benefits among owners of financial assets.
- We lack high-frequency data to know whether spending gains come from high-income stockholders or indebted lower-income households.
Rely On The Fed First For A Shallow Downturn
- Use monetary policy first to address a moderate slowdown from tech capex declines.
- Rely on rate cuts to boost residential investment before turning to fiscal interventions.