Holland International: The United States' K-shaped economy is taking shape.

James Knightley of the Netherlands International Group said in a report that despite the strong 4.3% growth in US GDP in the third quarter, a K-shaped economy is facing us. He said that the highest-income 20% of households are spending strongly due to the boost in income and wealth, while the lowest-income 60% of households are struggling due to concerns about job security and price hikes caused by tariffs. "This largely explains why spending remains strong while consumer confidence is so weak." Knightley said that this situation is also evident at the corporate level, as capital spending outside of the technology industry has contracted for four consecutive quarters, a sign of recession. However, he stated that with the government and businesses working hard to win the battle for US dominance in AI, the spending of high-income households and technology capital spending will continue to drive growth in 2026.