AI is no longer just a technology theme. Marta Norton says it has become the backbone of U.S. economic growth. In this keynote from the 2025 MoneyShow Masters Symposium Sarasota, Empower Investments’ Chief Investment Strategist explains why AI-driven capital spending is overtaking consumer spending – while also reshaping GDP, markets, and portfolio strategy heading into 2026. Norton breaks down the scale of the AI infrastructure buildout, from data centers and power demand to hyperscaler capex and cloud revenues. She explains why this cycle is muting the traditional business cycle, how concentration risk and valuation pressure are building in equities, and what investors should expect from bonds, rates, and diversification as AI expands beyond stocks. If you want a clear framework for how AI links the economy, markets, and portfolio construction, this session delivers. About Marta Norton Marta Norton is Chief Investment Strategist at Empower Investments, where she leads economic outlooks, market strategy, and asset allocation views focused on long-term structural trends. CHAPTERS 00:00 – Why AI is now the dominant economic driver 01:13 – Technology spending overtakes the consumer 02:47 – Enterprise AI and workflow integration 03:10 – Data center demand and supply constraints 04:20 – Power as the real bottleneck for AI growth 05:24 – The scale of AI infrastructure and timelines 06:28 – Hyperscaler capex and cloud revenue surge 08:00 – The splintering consumer and housing wealth effect 12:26 – Market concentration, valuations, and volatility 17:04 – Bonds, rates, and debt in an AI-driven cycle 20:23 – Portfolio positioning, diversification, and risks 📅 Join us February 23-25 at the 2026 MoneyShow/TradersEXPO Las Vegas! Register here: https://www.lasvegasmoneyshow.com/registration/?scode=061246 For more episodes of the MoneyShow MoneyMasters Podcast, visit our podcast page: https://www.youtube.com/@MoneyShow/podcasts Facebook: https://www.facebook.com/OfficialMoneyShow/ Instagram: https://www.instagram.com/moneyshow/# TikTok: https://www.tiktok.com/@officialmoneyshow?lang=en X (Twitter): https://x.com/moneyshow LinkedIn: https://www.linkedin.com/company/moneyshow/