This report does not constitute a rating action. GDP in nominal terms has risen by nearly 27% since 2022 (the advent of ChatGPT) to $32.5 trillion in the second quarter of 2026. Meanwhile, tech-centric direct investment (broadly defined as the sum of information processing equipment, data center construction, software, and research and development outlays) has risen by 47% to $2.6 trillion (see chart 1 [and table 1 in the Appendix for category components]). The breakdown of tech-centric investment components shows us that outlays on data center construction (estimated $67 billion annualized in 2Q 2026) and information processing equipment (IPE; $836 billion annualized in 2Q 2026) have unmistakably moved up from their pre-Chat GPT 2022 trend (see chart 2). Investment in