Goldman predicts AI agent investments to exceed $1 trillion globally

Goldman Sachs economists forecast that global investment in AI agents and complementary non-hardware infrastructure could exceed $1 trillion over the coming years. The bank highlights current U.S. spending of roughly $150 billion annually on labor tied to the AI transition, about $40 billion a year in organizational capital inferred from executive time, and $800–900 billion in cumulative workforce reorganization costs across the adoption cycle. Goldman argues these intangible investments (data, software, organizational capital) are accelerating, tend to precede measured productivity gains, and historically drive higher revenue shares and valuations for firms that execute effectively. The implication for markets is that tech-heavy assets—represented here by US Tech 100—could see outsized benefits from concentrated AI investment, supporting stronger productivity, margin expansion and potential valuation upside for leaders in data and cloud services.