Goldman Lifts AI Capex Forecast to $5.3 Trillion as Hyperscalers Accelerate Buildout

On June 4, Goldman Sachs raised its AI infrastructure spending projections, forecasting that Meta, Microsoft, Amazon and Alphabet will deploy $5.3 trillion in capex by end-2030. Total industry investment in data centers, power and compute is now seen reaching $7.6 trillion over the next five years. The four hyperscalers could spend up to $725 billion in 2026, more than double the prior year’s outlay. This marks an upward revision from the June 3 estimates and signals a sustained multi-year investment cycle. Private markets are expected to shoulder a larger share of funding, while investor scrutiny on monetization timelines persists.