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Exclusive: Goldman bankers say the next AI boom is in the physical economy

Goldman Sachs analysts identify a shift in AI investment toward physical sectors like utilities, mines, and factories. The firm anticipates strong earnings growth and a significant capital expenditure cycle for AI infrastructure. Some strategists describe the current market as a rubber band.

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Goldman Sachs now predicts the next AI boom will occur within the physical economy.

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  1. Goldman Sachs Forecasts AI Expansion into Physical Economy

    Goldman Sachs analysts identify a shift in AI investment toward physical sectors like utilities, mines, and factories. The firm anticipates strong earnings growth and a significant capital expenditure cycle for AI infrastructure. Some strategists describe the current market as a rubber band.

    What's confirmed:

    • Goldman Sachs predicts the next phase of AI investment will expand into factories, oil rigs, mines, and utilities.
    • Goldman Sachs strategists project S&P 500 second-quarter earnings per share will increase 22% year-over-year.

    Still unconfirmed:

    • Goldman Sachs identifies three specific stocks that will benefit most from a $757B AI capex supercycle.
    confidence 90%