The artificial-intelligence boom is no longer just showing up in stock prices, earnings calls, and data-center announcements. It is now visible in the Federal Reserve’s industrial production data.
Output of computer and electronic products rose 1.5 percent in April, one of the strongest gains among major manufacturing categories, the Fed reported Friday. The broader special aggregate covering computers, communications equipment, and semiconductors rose 1.0 percent.
The gains point to a rapid expansion in the physical manufacturing base behind the AI buildout: servers, computers, chips, communications gear, electronic components, and related…
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