American manufacturing is having its best run since May 2022. ISM came in at 54.5 against 54.0 expected, with new orders and employment both bouncing, while S&P Global's final September reading held near four-year highs. September has seen the pace of US manufacturing growth pick up, with surging orders prompting factories to expand output and hiring. Splendid — until the next sentence: demand outstripping supply means inflationary pressures remain a concern, and the prices paid component duly spiked. The source of the demand is worth naming. Growth was driven by machinery and equipment investment "linked in many cases to rising AI-related spend." So, the boom is one sector buying hardware for data centres, bidding against everyone else for the same chips, copper, transformers and freight — which is why the price gauges are lighting up.