Federal Reserve Chair Kevin Warsh told the Senate Banking Committee on July 15 that the current wave of AI investment is not a speculative bubble, but a real investment in the economy’s productive capacity. High-tech spending surged nearly 25% in the first quarter of 2026, driven by data center construction and AI infrastructure from Amazon, Meta, Microsoft, and Alphabet. The Fed has also established task forces, formed around July 9, to examine AI’s impact on jobs, productivity, and monetary policy. Warsh also revealed personal investments in crypto-related entities, notably Polychain and dYdX.
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