Goldman Sachs estimates in its May 2026 report that annual AI-related capital expenditure will grow from $765 billion this year to $1.64 trillion by 2031, totaling $7.6 trillion in cumulative spending over six years. Compute infrastructure, meaning the chips and servers running AI workloads, is projected to absorb roughly two-thirds of that amount, or $5.1 trillion, with NVIDIA expected to capture 75% of that market, translating to approximately $3.8 trillion in revenue. Data centers are forecast to attract $2.1 trillion in investment and power infrastructure $358 billion. The four largest cloud companies, Meta, Microsoft, Amazon, and Alphabet, are expected to collectively spend around $5.3 trillion in capital expenditure from fiscal years 2025 through 2030. Goldman flagged two key risks: insufficient power infrastructure, which represents less than 5% of total projected spending, and uncertainty over near-term returns on these investments.
Source: Read the original article
