{"id":"f10d7f4126a84ed397eb15082c9e4c8a2893bd7a83032dee957c30a900769dea","title":"Epoch AI reports a blind spot in US GDP statistics for Nvidia’s chip-design value","argument":"Epoch AI’s report, published August 24, 2026, argues that US GDP statistics miss much of the value Nvidia creates by designing chips in the United States and selling them abroad after overseas manufacturing. The report attributes the gap to an accounting mismatch: finished servers enter the United States as imports, while Nvidia’s value is not recorded as a US export because the goods never cross the US border and Nvidia does not explicitly sell its chip designs to foreign buyers. Epoch AI estimates that this has left US GDP growth over the last year about 0.3 percentage points too low. It says it reviewed plausible national-accounts categories and found Nvidia’s value in none, and reports that the Bureau of Economic Analysis confirmed its analysis. 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