Goldman: AI will save the economy someday. First, it has to stop inflating it

Goldman Sachs, J.P. Morgan Asset Management, and Stifel report that the current AI infrastructure boom is adding material inflation pressure—roughly 0.3 percentage points to annual core PCE—despite promises of future productivity gains. For the first time in 65 years, tech goods prices are rising faster than wages. While Goldman forecasts AI will eventually cool inflation, near-term cost pressures are expected to persist through 2026.