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Sam Altman Challenges Fed's Role in Great Depression as Tech Giants Spend $325B on AI by 2025

Altman's new perspective on the Great Depression sparks debate. Tech giants' massive AI investment signals confidence in the sector's future.

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1 min read
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Sam Altman Challenges Fed's Role in Great Depression as Tech Giants Spend $325B on AI by 2025

Sam Altman, CEO of OpenAI, challenges the common belief that the Federal Reserve's (Fed) inaction during the 1930s caused the Great Depression. Meanwhile, tech giants like Amazon, Microsoft, Google, Meta, and OpenAI are set to spend a staggering $325 billion on advanced AI by 2025.

Altman argues that economists and entrepreneurs have differing views on economic growth. While economists often blame the Fed for the Great Depression, entrepreneurs like Altman see money movements as a reflection of resources being matched with enterprise. He points out that despite the Fed's monetary contraction, investment into AI-related projects surged, indicating that credit is produced by people and ideas, not created by the Fed.

OpenAI's CEO predicts that his company alone will spend trillions on data center construction and AI research. The New York Times reports that tech giants including OpenAI, Google, Meta, Anthropic, and Amazon plan to invest more than $325 billion in AI development by the end of 2025, with a significant portion spent in 2025 alone.

Altman's perspective on the Great Depression challenges conventional wisdom, highlighting the role of entrepreneurship and innovation in economic growth. Meanwhile, the tech industry's massive investment in AI underscores its potential and the sector's confidence in its future.

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