Goldman Sachs claims the current investment cycle is the most capital-intensive in history, driven by AI’s needs for data centers, energy, and infrastructure. Wall Street consensus estimates put hyperscaler capital expenditure at $527 billion for 2026, with potential upside to $700 billion or more. This cycle is distinguished by its synchronization between public and private sectors, involving giants like Microsoft, Google, Amazon and Meta, as well as private capital in infrastructure. The Federal Reserve remains a spectator in the face of structural dynamics that transcend monetary policy. The absence of references to digital assets highlights institutional focus on traditional value creation mechanisms.
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