The booming order backlog for companies associated with data centers exploded in the first quarter, so it now looks like the AI-related data center boom will persist for at least the next three years. This data center boom, combined with the onshoring boom for semiconductors, pharmaceuticals and the auto industry, bodes well for explosive GDP growth. The trade deficit is shrinking due to booming energy exports, which will boost GDP growth. Retail sales have been promising in the past couple of months, so that is another positive GDP boost. But by far, the biggest boost to GDP growth is productivity that should be at least 3% per year and may rise to 4% in 2027 and beyond, as AI makes America more productive. Our new Fed Chairman, Kevin Warsh, is a big proponent of AI productivity growth and is expected to strive to convince other members of the Federal Open Market Committee (FOMC) that AI-related productivity gains are not inflationary. Energy prices are expected to decline no later than the fall, since worldwide seasonal demand for crude oil drops in the fall. In the meantime, crude oil prices are beginning to moderate as Iran and the U.S. work on a “framework” to reopen the Strait of Hormuz. Although high transportation costs (e.g., diesel and airfare) have caused wholesale goods and service costs to rise, the Fed knows that it cannot control energy inflation, so the Fed is expected to stay on course with another key interest rate cut later this year, due largely to a labor market that is still challenging for many workers.Bespoke Investment Group has documented how similar this year is to the 1990s and has overlaid charts of the 1990s internet boom to the current AI boom. Based on those charts, we are not even halfway through the current AI boom and based on the massive order backlogs for AI data centers, it looks like the current AI boom could persist for three more years. As an example, Bloom Energy (BE) announced over $9 billion in quarterly revenue, but also said its order backlog rose by $18 billion in the quarter.