Ramp economist Ara Kharazian explores two powerful forces shaping today’s economy: the scattered implementation of tariffs and the increased AI spending by American businesses. Using spending data from 45,000 U.S. companies, he shows how policy complexity has muted the effects of tariffs while industries from healthcare to construction embrace AI at an unprecedented pace. Kharazian shares data that helps address the AI bubble debate, suggests OpenAI is the dominant player with a wide lead on the competition, and how burdensome tariffs will be a year from now.

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