Has the AI Boom Impacted the U.S. Current Account?

Julian di Giovanni
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Julian di Giovanni: https://www.newyorkfed.org/research/economists/digiovanni

No 20261014, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: The AI boom is showing up in different corners of the U.S. economy, including international trade. Imports of semiconductors, servers, and computing equipment have climbed sharply yet the U.S. current account deficit has been largely unchanged. To better understand how the AI boom has not substantially affected the trade balance, consider that the current account is dictated by the gap between domestic saving and investment spending. It turns out that aggregate saving and investment spending have not changed much during the AI boom. Aggregate investment has not risen due to weakness outside the AI sector and business saving has remained robust.

Keywords: artificial intelligence (AI); current account; saving; investment (search for similar items in EconPapers)
JEL-codes: E2 F3 (search for similar items in EconPapers)
Date: 2026-10-14
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DOI: 10.59576/lse.20261014

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