Goldman Sachs Sees 2027 Hyperscaler Capex at $1.1T, 45% Growth
GS•Goldman Sachs projects 2027 hyperscaler capital expenditures at $1.1 trillion (45% growth) versus consensus $920 billion (22%), with a potential upside to $1.4 trillion (89% growth). Analysts say strong AI infrastructure investment could boost earnings and share prices but warn that 26x median P/E and nascent enterprise adoption may cause volatility.
1. Revised Hyperscaler Capex Forecast
Goldman Sachs challenged consensus forecasts of $920 billion in 2027 hyperscaler capex, estimating $1.1 trillion under a 2–3% of GDP AI investment scenario and up to $1.4 trillion in an extreme upside case.
2. Investment Implications and Risks
The bank noted that increased AI infrastructure spending could lift earnings and share prices of technology beneficiaries, but cautioned that a 26x median price-to-earnings multiple and mixed enterprise AI adoption trends may drive short-term volatility.
