Goldman: AI capex wave to run for years, reshaping Big Tech spending

Goldman Sachs says the surge in AI-driven capital expenditures among leading tech companies isn’t ending anytime soon, with a sustained supply-demand imbalance expected into 2028. The earnings season already showcased hefty spend: Alphabet’s Q2 capex around $44.9 billion (with full-year guidance raised), Tesla’s planned $25 billion for 2026, and SpaceX spending about $18.4 billion in Q2. Higher input costs for memory and chips, plus data-center buildouts, imply elevated capex for the coming years. Investors are advised to focus on returns on invested capital and the potential for multiple expansion as visibility into ROI improves amid ongoing AI infrastructure investments.