Goldman Sachs research report points out that the AI investment boom continues, with market pricing leading the fundamentals

Goldman Sachs research report states that the investment boom in artificial intelligence has not yet peaked, but market pricing is ahead of fundamentals. The proportion of US technology investment in GDP has broken through the peak of the Internet foam period in the 1990s, and the capital expenditure of super large-scale cloud manufacturers in 2026 is expected to be raised by nearly 80% in the past six months. AI investment drives revenue and profit growth in the semiconductor, cloud computing, server, and data center industry chains, while related assets maintain high valuations. The long-term expectations of high profit margins and high capital returns in the market are at risk, as the fundamentals are strong but the market has already taken into account too many future returns in advance.