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Goldman Sachs Chief Economist Jan Hatzius said that the growth in AI investment by hyperscale data centers is expected to peak in the coming weeks, and its year-on-year change as a share of U.S. GDP is expected to peak in the fourth quarter of 2026 at about 1.5%. Related reports mentioned that Amazon, Microsoft, Alphabet, Meta, Oracle and SpaceX are expected to spend about $725 billion to $800 billion on AI infrastructure capital expenditure this year, an increase of 64% over 2025. Goldman Sachs also provided scenario forecasts: under the optimistic scenario, AI-related stocks rise 55% and the broad market rises 30%; under the pessimistic scenario, the broad market falls 20%; if the data center investment boom ends, the level of U.S. GDP could decline by about 2 percentage points. There are currently no subsequent developments.
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Goldman Sachs Says Hyperscaler AI Investment Will Peak, US Investment-Grade Bond Issuance Hits RecordDevelopments
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Oct 28
36Kr · AI
Goldman Sachs Says Hyperscaler AI Investment Will Peak, US Investment-Grade Bond Issuance Hits Record
Goldman Sachs Chief Economist Jan Hatzius said the year-over-year change in hyperscaler AI investment as a share of US GDP is expected to peak in the fourth quarter of 2026 at about 1.5%. AI infrastructure capital expenditure by Amazon, Microsoft, Alphabet, Meta, Oracle and SpaceX is expected to reach about $725 billion to $800 billion this year, up 64% from 2025. The surge in AI investment is driving companies to accelerate borrowing, with US investment-grade bond issuance set to reach $1.76 trillion this year, surpassing the 2020 record of $1.75 trillion.
Oct 27
East Money
Goldman Sachs: AI Computing Power Capex Growth Is About to Peak; Under the Optimistic Scenario, the Broad Market Could Rise 30%
Goldman Sachs Chief Economist Jan Hatzius said that investment growth by hyperscale data centers in AI is expected to peak in the coming weeks, and the year-over-year change in their investment as a share of U.S. GDP is expected to peak in the fourth quarter of 2026 at about 1.5%. Operators such as Amazon, Microsoft, Alphabet, Meta, and Oracle are expected to spend about $725 billion to $800 billion on AI infrastructure capex this year, up 64% from 2025. Goldman Sachs forecasts that under the optimistic scenario, AI-related stocks will rise 55% and the broad market will rise 30%; under the pessimistic scenario, the broad market will fall 20%; if the data center investment boom ends, the U.S. GDP level could decline by about 2 percentage points.
East Money
Goldman Sachs Assesses AI Data Center Investment Growth Will Peak in Q4 2026
Goldman Sachs Chief Economist Jan Hatzius said that the year-over-year change in hyperscale data center AI investment as a share of U.S. GDP is expected to peak in the fourth quarter of 2026 at about 1.5%. AI infrastructure capital expenditure by Amazon, Microsoft, Alphabet, Meta, Oracle and SpaceX this year is expected to reach about $725 billion to $800 billion, up 64% from 2025, and to push U.S. investment-grade bond issuance up to $1.76 trillion. Goldman Sachs also estimates that if the data center investment boom ends, the level of U.S. GDP could fall by about 2 percentage points.