Artificial intelligence has emerged as an inflationary factor for the US economy, even before fully realizing its potential for productivity growth. According to a report from Goldman Sachs, this technology is driving consumer prices higher through three primary channels: electronics, software, and energy.

The bank estimates that the AI effect has already added 0.3 percentage points to the annual core personal consumption expenditures (PCE) price index and approximately 0.1 percentage points to the consumer price index (CPI). Analysts expect this trend to continue over the next 12 months.

Hardware and components: Surging demand for server infrastructure has created shortages in memory chips and batteries. According to Goldman Sachs, this will inevitably lead to higher prices for smartphones and PCs in the coming months.

"Markup" for AI solutions: Software developers have begun aggressively monetizing AI features. The bank cites the increased subscription costs for Microsoft 365, as well as price hikes from Adobe, Duolingo, and Intuit, all justified by the introduction of new tools.

Energy demand: The expansion of data centers has significantly increased the load on energy grids. Rising electricity costs in the United States could add another 0.1-0.2 percentage points to PCE inflation in the coming years.

Despite current pressures, Goldman Sachs analysts maintain a long-term optimistic outlook. They believe that over time, AI will become a deflationary force, as automation reduces production costs and enhances overall economic efficiency. In the short term, however, consumers will bear the costs associated with the infrastructure leaps made by tech giants.