FINANCE — Rapid growth in artificial intelligence investment could add to near-term inflation pressure in the United States, with memory prices, software costs, and electricity rates among the main factors, according to new research from Goldman Sachs.

Goldman Sachs economist Megan Peters said the inflationary impact of AI-related price increases could be greater in the United States than in other major developed economies because of the country’s higher exposure to technology products, software, and data center investment.

The bank estimates that AI-related factors may currently add about 0.2 percentage points to annual U.S. core Personal Consumption Expenditures inflation. That impact could rise to approximately 0.5 percentage points by the end of the year.

By comparison, the average increase in core inflation across Canada, Australia, Europe, the United Kingdom, and Japan could be closer to 0.1 percentage points, according to the research.

Memory prices are one area of concern. Strong demand for AI hardware has increased prices for some memory chips and semiconductor components. Goldman expects inflation in U.S. computer software and accessories to reach a peak before the end of 2026.

Software costs are another factor. As technology companies integrate AI tools into existing products and subscription services, some have increased prices. Goldman noted that software carries a greater weight in U.S. core inflation measures than in several other developed economies.

Electricity demand from AI data centers could also contribute to price pressure. Goldman estimates that data centers may account for about 11% of total U.S. electricity demand by the end of 2030, up from roughly 6% currently.

The bank said rising data center power consumption could place additional pressure on electricity costs in some regions.

However, Goldman also expects AI-driven productivity gains to have a disinflationary effect over the longer term. The key uncertainty is how long near-term price pressures from AI infrastructure investment will persist before productivity improvements begin to offset higher costs.

The Federal Reserve is also paying closer attention to the potential impact of AI investment on demand and inflation. New York Federal Reserve President John Williams recently identified AI-related demand as one of the economic factors worth monitoring.

Investors and policymakers are likely to continue watching AI investment, electricity demand, and technology prices for signs of a broader impact on U.S. inflation and monetary policy.