What the AI capex cycle might mean for European growth
SPY•Goldman Sachs estimates the global AI capex cycle could boost European growth by 0.05 to 0.15 percentage points, with a mean estimate of 0.10 percentage points. It says Scandinavia, Iberia and Germany may benefit through data-center investment and manufacturing supply-chain demand.
1. Estimated growth boost
Goldman Sachs said its analysis points to a European growth boost of 0.05 to 0.15 percentage points from the AI capex cycle, with a mean estimate of 0.10 percentage points. The analysis examined AI spending, industrial production in sectors exposed to AI investment and earnings expectations.
2. Regional differences
Goldman Sachs said Scandinavian economies and Iberia are benefiting from construction and fitting activity tied to data-center investment. Manufacturing economies integrated into global semiconductor and electrical equipment supply chains, including Germany, may benefit from incremental global demand.
