Goldman Sachs: AI and Geopolitics Drive Capital Expenditure Super Cycle, Proactively Select Stocks to Enhance Value

Goldman Sachs has released a report stating that the world is entering a capital expenditure super cycle driven by AI and geopolitics, and future investment returns will rely more on active stock selection rather than valuation expansion. Goldman Sachs expects Amazon Meta、 Google, Microsoft, and Oracle will have a total capital expenditure of approximately 75.5 billion US dollars in 2026, which is expected to rise to approximately 92 billion US dollars in 2027. Capital expenditure momentum is spreading from data centers to energy, industry, and infrastructure sectors. Goldman Sachs recommends four thematic investment baskets: artificial intelligence, defense spending, electricity and electrification, and HALO.