Michael Gapen - Can AI spending keep U.S. growth exceptional?

AI spending has become a major force in the U.S. economy, but the build-out is running into real-world constraints. Morgan Stanley Chief U.S. Economist Michael Gapen joins host Dustin Reid to unpack the scale of AI capital spending, why power and data centre capacity matter, and what the investment boom means for inflation and economic growth. Then, Prerna Mathews joins Dustin to look beyond the build-out, exploring the shift from building AI infrastructure to putting it to work and why the next phase of AI could look very different from the first.