Recent analysis by SemiAnalysis highlights significant structural divergence in U.S. economic data, driven by AI-related investments. The first-quarter GDP was revised up from 1.6% to 2.1%, primarily due to a downward revision in imports, while real domestic demand growth was adjusted down to 1.7%. May's personal income rose by 0.7% month-on-month, with approximately $59.6 billion attributed to one-time agricultural disaster subsidies. PCE inflation stood at 4.1%, largely driven by energy, with oil prices having fallen about 40% from their April peak by June. Tariffs have elevated goods inflation to around 4.8%, representing a one-time price level shock rather than ongoing inflation. Amid these fluctuations, AI-related capital expenditures have emerged as a key driver, contributing approximately 1.55 percentage points to GDP growth in the first quarter, quadrupling the contribution from consumer spending.