William Blair：2025年创新与劳动力替代经济学周报（英文版）

We seem to be living in a weird world at the moment— one in which third-quarter real GDP growth is estimated to have increased by a stunning 3.9% (Atlanta Fed’s GDPNow tracker) after 3.8% in the previous quarter, we are in the midst of an AI-related energy and capex boom (with the hyperscalers seemingly in competition over who can spend the most each quarter), the stock market is soaring, and interest rates are low and expected to fall (a little) further. Yet, consumer confidence remains sogg