US AI spending raises the return hurdle

Goldman forecasts US AI investment at 2.8% of GDP in 2028, twice the worldwide rate. Our conviction in American innovation rests on turning that investment into repeat customer spending and cash generation.

Thesis chapters

• Buildout: The bottlenecks behind AI capacity
• Capital: AI capacity must earn its cost
• Economics: Who earns more when intelligence costs less?
• Physical: Power delivery determines when compute earns revenue
• America: US AI spending raises the return hurdle