This report does not constitute a rating action. SAN FRANCISCO (S&P Global Ratings) Oct. 26, 2026--Despite the sharp rise in tech-centric outlays that has outpaced U.S. nominal GDP growth for the past two years, total private fixed investment as a share of GDP has increased only slightly, according to S&P Global Ratings'report published today"How Have Tech-Centric Outlays Contributed To Investment And GDP Growth In The U.S.". The nontech investment share has lost ground by just as almost equally in the great reshuffle. The rise in nominal tech-related investment overstates the impact on real GDP growth. The real growth multiplier of high nominal spending is far smaller today than in 1990s, as information processing equipment prices and