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Generative AI has become a structural driver of construction. The global AI boom is fueling a frenzy for data centers. In the US,6.4 GW of data center capacity was under construction at end-2024, double the level of 2023.
Who truly bears the cost of the ongoing trade war? Primarily exporters for now, but US consumers will also be hit through higher inflation (up by 0.6pp by mid-2026).