The numbers behind the AI build-out have quietly crossed a threshold that should give every investor pause. Goldman Sachs strategists, in a note published this week, just put a hard figure on what the market has been treating as a vague “spending a lot” story.
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Goldman Puts a Number on AI Capex Boom
The figure is striking enough that Microsoft Corp. (NASDAQ:MSFT) and Amazon.com Inc. (NASDAQ:AMZN), the most visible faces of the cloud infrastructure cohort, are now squarely in the spotlight as proxies for what’s coming.
Here’s how Goldman laid it out:
“The scale of spending has increased considerably. Last quarter, consensus capital expenditure estimates for the largest cloud infrastructure companies jumped by $130 billion, reaching $670 billion for 2026. That’s equivalent to more than 90% of their expected cash flows this year, according to our strategists.”
Read that again. In a single quarter, the consensus expectation for what the largest cloud companies will spend on AI infrastructure jumped by $130 billion — not the total, the upward revision.
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