AI Spending to Drive Global Growth, Boosting Bitcoin Miners
Bank of America (BofA) expects artificial intelligence (AI) investment to be a key driver of global growth through 2026, though it warns that market volatility could rise as investors assess AI’s broader economic impact.
BofA projects U.S. GDP growth of 2.4% next year, above consensus, supported by business investment, fiscal stimulus, and recent rate cuts. China is also expected to outperform, with growth of 4.7% in 2026 and 4.5% in 2027. Candace Browning, head of BofA global research, said fears of an AI bubble are overstated, as AI-related capital investment may spark a new productivity-driven investment cycle.
Bitcoin miners have emerged as unexpected beneficiaries. Strong demand for high-performance computing has boosted mining infrastructure, with firms earning revenue from both mining and leasing data center capacity to AI companies. IREN is up 337% YTD, Cipher Mining nearly 300%, and TeraWulf 190%, even as bitcoin trades around $90,000.
Markets are shifting from consumption-led growth to investment-driven expansion, creating opportunities in digital infrastructure, blockchain, and data monetization, where crypto has a foothold.
BofA cautions that AI could exacerbate a “K-shaped” recovery, leaving some sectors ahead while others lag, increasing the risk of sudden market revaluations. Emerging markets may benefit from a weaker dollar, low oil prices, and adoption of digital infrastructure, aligned with AI demand.
Overall, BofA is cautiously optimistic. With projected Fed rate cuts and supportive fiscal policy, AI could become a productivity engine, while crypto infrastructure may play a supporting role in the evolving global economy.
