Source: The Wall Street Journal (paywall)
ING's analysis holds that artificial intelligence has become a structural economic engine for the US rather than a cyclical productivity story, decoupling American growth from the energy constraints squeezing the rest of the developed world. This asymmetry deepens the competitive advantage for US-based tech giants and cloud providers while exposing non-US economies to stagflation risk—energy costs rise while growth stalls—without offsetting AI-driven gains. If AI concentration in the US persists, it will determine which nations capture the wealth and strategic autonomy of the next decade.