Goldman Identifies Next Industry AI Will Disrupt

Since OpenAI's launch of ChatGPT in late 2022, the five major Western hyperscalers—Amazon, Microsoft, Google, Meta, and Oracle—have poured $477 billion into AI infrastructure, with spending forecasted to surge to $1.15 trillion by 2027. Private firms, such as OpenAI and xAI, have added tens of billions more. Now, Wall Street is increasingly asking whether this unprecedented capital expenditure (capex) AI wave will translate into sustainable new revenue streams for Big Tech.