ECB says resilient intangible investment softened uncertainty drag

An ECB Economic Bulletin article estimates that uncertainty reduced euro-area growth by 0.4 percentage points between Q1 2025 and Q1 2026, while investment in intangibles—including software and AI—proved more resilient than physical investment. This is model- and survey-based analysis, not causal proof that AI spending created the offset.

Impact: digital investment can be more adjustable and less exposed to trade frictions, but boards should distinguish economy-wide resilience from returns on any specific AI project.