Howard Schneider says AI spending of hundreds of billions drives inflation

Howard Schneider says artificial intelligence companies are spending hundreds of billions of dollars to build out technology. That massive spending is driving up inflation across the economy. To fix it, the Federal Reserve relies on higher interest rates, which raises the cost of borrowing money for everyone else. But higher interest rates are probably going to hurt everyone except those tech companies. "AI companies are spending hundreds of billions of dollars building out this technology and it's driving up inflation." When big tech goes shopping, your bank account feels the pinch.