AI is accelerating US business formation: The number of businesses in AI-related sectors, including professional, scientific, and technical services, has grown +45% since the launch of ChatGPT in November 2022. By comparison, the number of construction businesses has increased +10% over the same period. Furthermore, business creation has risen +20% across the broader US economy. The Census Bureau now projects +29,700 new businesses will form monthly nationwide over the next year, up +17% YoY. Professional services are expected to account for more than 5,000 new businesses per month, a record for the sector and up +24% YoY. AI is fueling a new wave of entrepreneurship.(The Kobeissi Letter)