Market Highlight 03.11.2025

Investments in artificial intelligence (AI) systems are emerging as a key driver of U.S economic growth. Many economists estimate that the AI boom contributed over half of the United States’ growth rate (approximately 1,6%) during the first half of 2025 - a trend expected to persist at least through the third quarter. The momentum from AI development is projected to peak in the early 2030s, adding about 0,2% points to annual growth, and potentially boosting U.S GDP by an additional 3% by 2055. Capital investment directed toward data centers to support AI model development is providing a significant lift to the world’s largest economy. Investment in information - processing equipment and software has risen sharply this year, with the combined contribution of these two categories marking the largest boost to U.S GDP growth in decades after the first half of the year - comparable to levels seen during the late-1990s dot-com boom. However, in terms of GDP accounting, this surge has produced a paradoxical effect, as most of the AI-related computing systems required in the U.S are imported, widening the trade deficit and dampening net growth.

Following its October meeting, the Federal Reserve is facing increasing internal divisions, as three members of the Federal Open Market Committee (FOMC) have voiced opposition to further rate cuts. Dallas FED President Lorie Logan and Cleveland FED President Beth Hammack both publicly opposed last week’s decision, while Atlanta FED President Raphael Bostic stated that an additional rate cut in December remains uncertain. Market expectations for such a move have now fallen to around 60%, down from nearly 95% earlier last week.

The interbank USD/VND rate traded near 26.310 at the close of trading on Friday, while the effective ceiling rate stood at 26.347. The market is expected to continue trading around 26.300 during the first session of the week.

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