Who will own the machines?

Discussions on artificial intelligence often focus on capabilities rather than funding and ownership. Data centers and chips require significant investment, estimated to consume 3.6% of the US GDP annually by 2032. The economic implications hinge on savings, taxation, and capital markets. A model by Jesús Fernández-Villaverde suggests that if savings increase, economic growth could rise significantly. However, if machines replace jobs, wages may drop drastically, impacting those reliant on salaries. In Portugal, most families lack financial assets, emphasizing the need for a shareholder economy. Pension systems currently favor salary dependency, which could be detrimental as capital becomes more valuable. A shift towards diversified investments is essential for economic resilience.