Warsh's own question about scarce assets got a real-world answer two days before he took the podium
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Nvidia posted record quarterly revenue of $96.2 billion and disclosed $366 billion in future AI infrastructure commitments, while separately moving to acquire Hugging Face, the open-source AI hub, for roughly $12.9 billion.
Key facts
Nvidia posted record quarterly revenue of $96.2 billion and disclosed $366 billion in future AI infrastructure commitments, while separately moving to acquire Hugging Face, the open-source AI hub
He then put a number on it: "Reports put annualized token sales for the two leading labs alone at more than $100 billion—an increase of 500-plus percent from a year ago
Business capital expenditures—what he called "the seed corn of future economic growth"—are rising at their fastest pace since 2021, up roughly 9% over the past four quarters, with more than half
Kevin Warsh's first Jackson Hole keynote as Federal Reserve chair made headlines mostly for what he refused to say about interest rates
Summary
Fed Chair Kevin Warsh dedicated a full section of his Jackson Hole keynote to artificial intelligence, calling the current moment a "hinge point in history. Warsh said annualized sales at the two leading AI labs now top $100 billion, an increase of more than 500% from a year earlier, and confirmed the Fed now treats AI as "potentially a new factor of production. Warsh flagged that he's watching AI's "second derivative"—whether capital-spending growth is still accelerating. Kevin Warsh's first Jackson Hole keynote as Federal Reserve chair made headlines mostly for what he refused to say about interest rates. Warsh opened it by describing the mood before AI took off: Economists spent the years after the 2008 crisis warning of "secular stagnation," a world with too much capital chasing too few good investments because, as Warsh put it, "all the good stuff had been invented.