Chart of the Day: Washington's AI Budget Bulge

Capitol Hill is funneling more funds to artificial intelligence (AI) research & development (R&D).

Since 2018, the non-defense R&D budget has grown 228.5% to more than $1.8 billion. The largest recipient of the funds is the National Science Foundation (NSF), which is receiving $698 million for fiscal year 2023. The second largest slice of the pie - $558.6 million - goes to the National Institutes of Health (NIH). The famed DARPA program receives $412.2 million this year for research.

But remember… this is non-defense spending. The Department of the Defense alone currently has $1.8 billion reserved for at least 685 ongoing AI projects.

Both public and private sectors see AI as an imperative for future success. This is why we believe AI should be an integral part of every investor’s portfolio.