After the Fed: Parsing Jackson Hole on AI, Inflation and Unknowns

After the Fed: Jackson Hole Supports AI Buildout and Role in the Economy by Jennifer Warren

Market participants charged with fact-finding on the AI buildout

Read on Substack

Economic analysis

SKIP IT ALL QUICK REFERENCE ON LINKEDIN

In a parsing of Federal Reserve Bank Chairman Warsh’s first Jackson Hole speech, a Substack post captures highlights in a video analysis and edited transcript. Offered too are comments, supporting ideas and data, and backgrounders that correspond to his areas of discussion.


“... Will we see a sustained rise in productivity across the economy, and when? Will next-generation models demand more capital, or will models themselves enable a more capital-light path? It’s still unclear where returns on capital will land, and when.
”
— From Chairman Warsh's Jackson Hole speech, Aug 28, 2026

In practice: known unknowns

Amazon and Google are the top hyperscaler spenders on the AI infrastructure buildout. See how Amazon is leveraging the tech holistically.

“Annualized token sales from the two leading labs, [likely OpenAI and Anthropic], have topped $100 billion, a 500% year-over-year increase.

[Add to that, ChatGPT just announced its ads business has surpassed a $1B annualized run rate, less than 200 days since launch.]”
— Top quote: Chairman Warsh; bottom OpenAI reference

For an investor audience, I focus on some extra charts that correspond to related points raised by Chairman Warsh and extend the thought.