The second quarter of 2025 demonstrated that capital expenditures on artificial intelligence, including chips, data centers, and related infrastructure, contributed to an increase in U.S. GDP by more than 1 percentage point, according to the U.S. Bureau of Economic Analysis. Investment in technology exceeded 6% of the country's total GDP.
Analysts at UBS predict that global spending on artificial intelligence will rise from $375 billion in 2025 to $500 billion in 2026.
Since the beginning of 2024, the S&P 500 index has increased by $7.5 trillion, corresponding to a return of about 14%. However, according to the study, only 17 companies operating in the field of artificial intelligence accounted for $4.9 trillion—this represents about two-thirds of the total growth in the index's value.
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.
At the same time, the remaining 483 companies in the index showed a return of about 7% over the same period. The authors of the study note that the high concentration of capital expenditures among a small number of technology giants creates additional systemic risks.
A study by JPMorgan Asset Management revealed that stocks related to artificial intelligence accounted for 75% of the S&P 500 index's returns, 80% of profit growth, and 90% of the increase in capital expenditures since the launch of ChatGPT in November 2022.
