Reuters: The U.S. Is Undergoing A Major Technological Revolution 4

The United States is undergoing a massive technological revolution driven by the development of artificial intelligence (AI). Investment in this sector could exceed spending during the previous telecommunications boom, as well as on the construction of railroads and highways, according to Reuters.

The development of AI has led to a sharp rise in the stock market and an increase in Americans’ wealth. However, the wealthiest citizens have reaped the greatest benefits, while the majority of U.S. residents continue to face a high cost of living.

According to the Federal Reserve System (Fed), from the end of Joe Biden’s presidency to mid-2026, the total wealth of American households grew by 16.5%, or approximately $26 trillion. However, only the wealthiest 1% of the population increased its share of the nation’s total wealth. The share of the remaining 99% has declined. Meanwhile, the least affluent half of American households received less than $500 billion of the total increase in wealth. For this group, the increase amounted to about 10%.

As Reuters notes, consumer spending in the U.S. continues to rise, but a significant portion of this increase is being eroded by inflation. Taking price increases into account, Americans are spending at roughly the same rate as they did before the coronavirus pandemic.