“Many participants noted that ongoing strong demand for AI infrastructure would likely sustain upward pressure on prices for technology products and electricity.” That line from the Federal Reserve’s June meeting minutes captured a shift that Wall Street is only beginning to price. Artificial intelligence was sold to investors as a productivity revolution. For the Fed, it is increasingly looking like a demand shock that may arrive well before the efficiency gains. The AI boom has already transformed equity markets, pushed Big Tech capital spending to historic levels and revived animal spirits across technology ... (full story)