Overview
- Citing Tuesday's note, Goldman increased its combined capital‑expenditure forecast for Meta, Microsoft, Amazon and Alphabet to $5.3 trillion for the 2025–2030 period.
- Goldman estimates total industry spending on data centres, power and computing could reach about $7.6 trillion over the next five years, signaling a multi‑year investment cycle.
- The bank projects the four hyperscalers may spend as much as $725 billion this year, a sharp acceleration from roughly $360 billion in 2025 that will affect supplier and utility earnings.
- Goldman expects private infrastructure and real‑estate capital to take a larger financing role, which would shift more returns into private funds and away from public equity markets.
- Investors remain concerned about long‑term monetisation because the timing and magnitude of commercial returns from AI products lag the rapid pace of deployed capital.