According to the U.S. Bureau of Economic Analysis, capital expenditures on artificial intelligence, including chips and data center infrastructure, contributed to an increase in U.S. GDP by more than 1 percentage point in the second quarter of 2025. Investments in technology exceeded 6% of the country's total GDP.
UBS analysts predict that global investments in artificial intelligence will grow from $375 billion in 2025 to $500 billion in 2026.
Since the beginning of 2024, the S&P 500 index has increased in value by approximately $7.5 trillion, corresponding to a return of about 14%. However, only 17 companies operating in the field of artificial intelligence accounted for a gain of $4.9 trillion—about two-thirds of the total growth of the index, as noted in the study.
The list of 17 companies
The list includes: Nvidia, Microsoft, Alphabet, Amazon, Meta, Oracle, Advanced Micro Devices, Broadcom, Taiwan Semiconductor Manufacturing, Salesforce, ServiceNow, Arista Networks, Marvell Technology, Palo Alto Networks, Snowflake, Palantir Technologies, and Super Micro Computer.
The remaining 483 companies in the index demonstrated a return of about 7% over the same period. The authors of the study note that the concentration of capital expenditures among a small number of tech giants creates systemic risks.
According to JPMorgan Asset Management, stocks related to artificial intelligence accounted for 75% of the S&P 500 index's returns, 80% of profit growth, and 90% of capital expenditure growth since the launch of ChatGPT in November 2022.
