Goldman Sachs Report: AI Capex Growth to Slow to 54% by 2027

Goldman Sachs projects that U.S. hyperscaler capital expenditure will reach $1.2 trillion in 2027 and $1.4 trillion in 2028, with growth rates decelerating from nearly 100% in 2026 to 54% in 2027. While this slowdown pressures earnings expectations for AI infrastructure stocks, valuations for hyperscalers have hit a ten-year low. Analysts note that market skepticism regarding the durability of AI earnings is already reflected in pricing, with median forward P/E ratios for AI infrastructure stocks dropping from 32x in April 2026 to 22x. Goldman maintains buy ratings on NVIDIA (NVDA) and Broadcom, while holding a neutral rating on Micron.