The American economy is showing its flexibility

That is the theme of my recent Free Press column on AI.  Excerpt:

The more quickly the world changes, the more the quality of our capital markets matters. And the world is indeed changing quickly: AI will soon be present in virtually every job. Many of us already use it informally for legal and medical advice, research, and even companionship.

And to close:

From the point of view of an investor, it matters whether or not we’re in an AI bubble. But if you are seeking to understand long-term social and economic trends, the bubble question is primarily a matter of short-term interest and timing. It will not decide where the economy is headed long-term.

Instead, what we are seeing is that America, at the drop of a hat, can turn on a dime and reallocate capital on an unparalleled scale, to our great and enduring benefit. Unless you were around to witness World War II, none of us have seen anything like this before. Do not expect the ride to be smooth or predictable, but feel free to sit back and enjoy: This is history in the making.

By some estimates, at least three-quarters of the world’s compute is in the United States.