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George Saravelos, global foreign exchange research director at Deutsche Bank, stated that without technology-related spending, the United States may already be close to or even in a recession. He said that relying solely on companies like Nvidia is "currently supporting U.S. economic growth" and "may not be an exaggeration." Saravelos pointed out in the report that there is a problem with this situation: in order for technology spending to continue to support the economy, "capital investment needs to maintain exponential growth." However, he believes that this is highly unlikely to happen he cited research indicating that capital spending by so-called "super large-scale tech companies" such as Microsoft, Amazon, and Google will peak this year.