The recent development logic is: coding agents drive democratization of development, leading to an explosion of productivity-enhancing tools, causing token consumption to surge at exponential rates, which results in large language model companies making massive profits, followed by explosive growth in data center business, then the semiconductor industry (essentially the mining equipment manufacturing sector) continues hyper-rapid development, and finally basic infrastructure like power grids benefit substantially—completing the loop.

I estimate the Federal Reserve is also seeing the same situation, which is why it significantly raised its forecast for future US GDP growth rates.