What We Do Insights Our Firm Careers Investor Relations Pressroom Worldwide Alumni Client Login ARTIFICIAL INTELLIGENCE Why AI Companies May Invest More than $500 Billion in 2026 Dec 18, 2025 Share The consensus estimate for 2025 capital expenditure by AI hyperscalers is climbing. However, analyst estimates have consistently underestimated capex spending related to AI. The recent divergence in the performance of AI-related stocks shows investors aren’t willing to reward all AI big spenders the same. Investors have rotated away from AI infrastructure companies where growth in operating earnings is under pressure and capex spending is debt-funded. Goldman Sachs Research expects the next phases of the AI trade to involve AI platform stocks and productivity beneficiaries. Companies’ capital…