AI Investment Drives Global Growth, Boosting Bitcoin Miners
Bank of America (BofA) expects artificial intelligence (AI) investment to be a major driver of global growth through 2026, though the bank warns of potential volatility as markets digest AI’s economic impact.
BofA forecasts 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 projected growth of 4.7% in 2026 and 4.5% in 2027. Candace Browning, head of BofA global research, said concerns about an AI bubble are overstated, noting that AI-related capital investment could kick off a new productivity-driven investment cycle.
Bitcoin miners have emerged as unexpected beneficiaries. Surging demand for high-performance computing has increased the value of mining infrastructure, with firms generating 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 remains around $90,000.
Markets are transitioning from consumption-led growth to investment-driven expansion, extending opportunities to digital infrastructure, blockchain, and data monetization, where crypto is well positioned.
BofA cautions that AI could exacerbate a “K-shaped” recovery, creating a two-speed economy that amplifies volatility and the risk of sudden market revaluations. Emerging markets may benefit from a weaker dollar, low oil prices, and the adoption of digital infrastructure, which aligns with growing AI demand.
Overall, the bank is cautiously optimistic. With projected Fed rate cuts and supportive fiscal policies, AI could become a productivity engine, while crypto infrastructure may play a supporting role in this evolving economy.
