# Goldman Sachs analysts examined the great AI infrastructure build-out from opposite ends of the telescope.

*business · news · 2026-05-06 · Fortune*

## Key points

- Goldman Sachs projects $7.6 trillion in AI capital expenditure from 2026 to 2031, with highly variable estimates.
- Nvidia captures roughly 75% of AI-related compute spending, benefiting far more than hyperscalers or enterprises.
- Despite $30–40 billion invested, 95% of enterprise AI pilots are returning zero measurable value.
- Hyperscalers are increasing AI infrastructure spending even as returns lag, driven by FOMO, not ROI.
- Goldman now estimates AI will displace 6–7% of jobs in a decade, down from earlier drastic forecasts.

**Companies:** Goldman Sachs, Nvidia, Microsoft, Amazon, Google, Meta
**Countries:** United States

[Read the full story on Fortune](https://fortune.com/2026/05/06/is-ai-a-bubble-goldman-sachs-skeptics-overhyped/)

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