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AI Boom Driving Up Prices
The AI boom is sending shockwaves through the economy, driving up prices for everything from electronics to labor and electricity. Billions are pouring into AI infrastructure, creating chip shortages, soaring component costs, and massive demand for construction workers and power. Prices for software and hardware jumped nearly 15% in May, with wholesale components up 27%. Big tech giants like Apple and Microsoft are raising prices directly tied to AI-driven chip shortages. While AI promises future productivity gains, Fed officials warn the current reality is inflation — as today’s AI rush…
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