AI investment growth is expected to peak this quarter – Goldman Sachs
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Investment growth in artificial intelligence for hyperscalers is expected to peak in the upcoming weeks, according to Jan Hatzius, chief economist at Goldman Sachs.
The year-over-year change in hyperscaler investment as a share of U.S. GDP should peak in the fourth quarter of 2026, reaching about 1.5%.
In addition, the estimated wealth effect on annualized quarter-over-quarter real PCE growth for hyperscaler investment growth in AI could cause AI-related stocks to go up 55% and other stocks to rise 20% in the best of projections.
Goldman Sachs’s baseline shows AI and other non-AI stocks to grow in line with the expected assumption.
Passing the peak impulse from the AI boom (Goldman Sachs Global Investment Research )
The top hyperscalers—Amazon (AMZN), Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (META), Oracle (ORCL), and SpaceX (SPCX)—have spent record amounts on AI infrastructure, with a capex projected to reach approximately $725B-$800B this year alone, up 64% from 2025.
Alphabet (GOOGL), (GOOG), and Microsoft (MSFT) are set to report earnings on Wednesday, while Amazon (AMZN) will post earnings on Thursday.
Artificial Intelligence/Robotics ETFs: (AIQ), (BOTZ), (DTEC), (WTAI), (XAIX), (WISE), (GINN), (ROBT), (TECB), (XT), (THNQ), and (CHAT).
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