The bank has identified 16 U.S. technology companies that, in its assessment, could benefit from increased spending on AI infrastructure, according to Business Insider.
According to Goldman Sachs, so-called hyperscalers could allocate approximately $757 billion in 2026 to capital expenditures related to technology development, including artificial intelligence infrastructure.
This is approximately 84% more than the previous year’s figure. In 2027, spending could rise to $920 billion.
Which Companies Could Benefit from Rising AI Spending
Goldman Sachs analysts believe that companies whose sales have historically been tied to global investment in capital assets will have an advantage. This primarily includes manufacturers of equipment, semiconductors, electronic components, and technology solutions for data centers.
The list of U.S. technology companies that the bank views as potential beneficiaries of AI-capex growth includes, in particular, Apple, TD SYNNEX, Amphenol, TE Connectivity, Lam Research, Applied Materials, Broadcom, and AMD.
Goldman Sachs evaluates companies not only based on the scale of their business but also on how their sales are tied to the global capital expenditure cycle. The study also took into account market capitalization metrics and projected stock valuation multiples.
Earnings Drive Investment Decisions
According to Goldman Sachs analysts, in an environment of higher cost of capital, investors are focusing more on actual profit growth rather than on expanding company valuations.
Companies that support the development of AI infrastructure may benefit from increased demand for computing power, equipment, and components.
At the same time, rising AI spending remains one of the key issues for the technology sector. Increased capital expenditures require significant investment and present companies with the challenge of proving that AI spending will translate into long-term revenue growth.
The publication notes that the continued growth in AI capital expenditures could support a wide range of industries—from semiconductor manufacturing to energy and the infrastructure solutions needed to operate large data centers.
However, increased spending does not guarantee the same outcome for all market participants. Companies will depend on the pace of AI service commercialization, demand for computing power, and the ability to turn investments into sustainable profits.
In this regard, Goldman Sachs views the development of artificial intelligence as a long-term investment cycle in which not only AI model developers but also suppliers of equipment, components, and infrastructure stand to benefit. At the same time, future market dynamics will depend on how effectively companies can monetize their large-scale investments in technology.
