AI capex is so big that it's affecting economic statistics

I don't see how you can make the argument that a large portion of funds used for AI capex were diverted from other investments (and starving other industries), while simultaneously applying the economic multiplier to the whole sum when going from the investments to the GDP impact.

Surely you only get one of the two, because for diverted investments the multiplier applies equally on both sides of the equation.

Hence the title, "Honey, AI Capex is Eating the Economy."

That seems like a non sequitur.

He is making two arguments. One is that AI capex is starving other industries. And the other that AI capex is causing major GDP growth, attributed to both the direct investments themselves, as well as the multiplier effects.

One of those could be true. But I assert that both cannot be true at the same time. If these direct investments were going to happen elsewhere if they weren't happening for AI infrastructure then that counterfactual spending would show up in the GDP instead, as would the multiplier effect from that spending.