What is often mistaken as broad resilience in business investment over the past year has actually been a heavy concentration of spending in the AI and broader high‑tech build out. It is not so much a rising tide that lifts all boats as it is condensed activity in one sector that masks a struggle in industries not directly tied to the tech build-out. Today's data point to an encouraging growth pick-up outside of high-tech. That dynamic is clearly visible in the durable goods data: orders for computers & related products rose 13.7% over the past year, running at nearly four times the pace of underlying core capital ... (full story)