> Isn't that part of the cause?

Probably not significantly, IMO.

> It sucks up so much investment, there's nothing left for anything else.

Tariff-inflated input costs combined with weak consumer demand are the reason the rest of the economy is slow, and the reason there aren’t places woth strong and near-term upsides for investment dollars to go. AI being the only thing attracting investment is the effect, not the cause.