Until recently, artificial intelligence was a welcome tailwind for U.S. growth. We’re beyond that now. AI is more like a hurricane-strength weather system making itself felt across the entire economy. It is distorting the stock market, profits, the speed and composition of economic growth, trade and even our moods— especially about the job market. AI’s pervasive presence makes it almost impossible to discern what is actually going on. It is swamping the effects of tariffs and the war with Iran, events that would ordinarily be Category 5 storms in their own right. The boom itself is in uncharted territory. Morgan Stanley now sees capital…

Want to continue reading?

For a limited time, get your first month for €1 and unlock full access to The Currency and The Wall Street Journal – two premium memberships, one subscription.

Subscribe

Cancel at any time.

Are you already a member? .