Nomura reported that the rapid expansion of artificial intelligence has become a driver of U.S. economic growth while also adding inflationary pressure through higher chip and electricity prices and widening the trade deficit via increased imports of chips and technology equipment. The report said net capital inflows and AI-driven abnormal stock market returns have pushed the U.S. net international investment liability to about 80% of the total net assets of all net creditor countries. Nomura warned that setbacks in AI development, combined with high U.S. stock valuations and weaker fundamentals, could trigger a sharp equity correction, a global risk-off event, foreign capital de-risking, and U.S. dollar depreciation.