Ireland is a key link in the AI supply chain. What happens if the bubble bursts?

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US midterms outcome puts focus back on data centres and AI – a vital source of investment growth in the Irish economy ...

Is the AI bubble bursting? Thursday’s big stock market drop in the US was striking and while there will no doubt be ups and downs to come, it felt different from the bouts of nerves that have surfaced in recent months. A lot is at stake for Ireland here, with the economy operating as a kind of offshore hub of US multinationals and some of the key AI players among the State’s biggest employers and taxpayers.

The Democratic victory in the midterm elections has put the focus on public opposition to the roll-out of data centres vital to the AI project. These projects – and related investments in areas like chip manufacturing – have driven the US investment boom, a key factor supporting economic growth.

And that is why the markets took fright on Thursday – there is no doubt that data centres now face a more difficult political backdrop.

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