A surge in artificial intelligence stock prices has boosted California\u2019s tax collections by about $11 billion, yet the state\u2019s deficit is still on track to swell to about $18 billion next fiscal year, officials said.<\/p>\n
The state\u2019s Legislative Analyst\u2019s Office said Wednesday that despite sluggish job growth and flat consumer spending, the state\u2019s general-fund revenue has climbed well above expectations as a run-up in AI-related stocks delivered outsized capital gains to California\u2019s wealthiest. That additional revenue, however, is almost entirely offset by higher constitutional spending requirements for public schools and reserves deposits, the LAO said in a report<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"A surge in artificial intelligence stock prices has boosted California\u2019s tax collections by about $11 billion, yet the…\n","protected":false},"author":2,"featured_media":61979,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[2080,16476,7,9,8,4898,37430,3950,11820,13,37431,37432,17075],"class_list":["post-61978","post","type-post","status-publish","format-standard","has-post-thumbnail","category-california","tag-artificial-intelligence","tag-budget-deficit","tag-california","tag-california-headlines","tag-california-news","tag-capital-gains","tag-consumer-spending","tag-earnings","tag-nvidia-corp","tag-politics","tag-sp-500-index","tag-seven","tag-stocks"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/61978","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=61978"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/61978\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/61979"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=61978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=61978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=61978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}