AI and compute
New models, chips and data-centre deals, followed through to what they move: capital spending, power, trade in servers and chips, market power and the economies that make the hardware. Every piece maps the effects link by link and says which are measured and which are not.
The numbers behind this section all of them, with charts
Capital spending of Microsoft, Alphabet, Amazon and Metaquarter to 30 June 2026
165.1
US$ bn a quarter
Highest in the series held, from 2019. +87.0% on a year earlier.
U.S. Securities and Exchange Commission, EDGAR filings (XBRL)
Nvidia's revenuequarter to 26 July 2026
96.2
US$ bn a quarter
Highest in the series held, from 2019. +105.9% on a year earlier.
U.S. Securities and Exchange Commission, EDGAR filings (XBRL)
US imports of servers and other processing units (HS 8471.50)August 2026
30.3
US$ bn a month, general imports
+73.7% on a year earlier.
Largest sources: Mexico 62.1%, Taiwan 26.1%, Thailand 5.7%.
U.S. Census Bureau, international trade data
US imports of integrated circuits (HS 8542)August 2026
5.49
US$ bn a month, general imports
Highest in the series held, from 2019. +82.8% on a year earlier.
Largest sources: Taiwan 33.7%, Ireland 11.9%, Korea, South 11.1%.
U.S. Census Bureau, international trade data
US output of semiconductors and other electronic componentsSeptember 2026
198.6
index, 2017 = 100, seasonally adjusted
Highest in the series held, from 2005. +19.9% on a year earlier. Above every month of its five years.
Federal Reserve Board via FRED
US producer prices: semiconductor and other electronic component makersSeptember 2026
75.3
index
+26.0% on a year earlier. 98th percentile of its five years.
Bureau of Labor Statistics via FRED
Average US price of electricitySeptember 2026
0.196
US$ per kWh
+3.2% on a year earlier. 93rd percentile of its five years.
Bureau of Labor Statistics via FRED
US jobs in computing infrastructure, data processing and web hostingSeptember 2026
453.8
thousands, seasonally adjusted
−4.7% on a year earlier. 12th percentile of its five years.
Bureau of Labor Statistics via FRED
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