U.S. artificial intelligence companies are expected to spend $650 billion on capital investments this year, mostly in the form of data center infrastructure. The companies clearly believe that the demand for AI services is at an inflection point. But the scale of their spending raises macroeconomic questions. Does this level of AI investment amount to a fiscal stimulus for the United States? What ripple effects is AI already having on the U.S. economy? Is this what an economic bubble looks like?