TS Lombard's monthly global macro report points out that AI investment and corporate profits remain important pillars of US economic growth, but corporate profits may face dual pressures in 2027: on the one hand, the growth rate of AI capital expenditures by hyperscale cloud vendors is nearing its peak, and the profit support from energy prices will also weaken; on the other hand, the recovery in employment and rising wages will push up unit labor costs for enterprises, eroding the profit margin improvements previously brought about by productivity gains. The report also points out that more than 80% of the revenue of the AI ecosystem is estimated to still come from capital expenditures within the industry, rather than from customers outside the industry, meaning that the returns on industry commercialization remain uncertain. TS Lombard projects that US GDP will grow by 2.5% in both 2026 and 2027, but corporate profit growth will slow down.
