高盛：AI竞赛成5.3万亿美元资本支出周期

Goldman Sachs is now saying the AI race has become a $5.3T capital-spending cycle.

with that figure covering expected hyperscaler spending on AI and data centers from 2025 through 2030.

AI infrastructure is starting to strain normal financing channels, because the same few hyperscalers cannot endlessly push debt into public bond markets without investors worrying about issuer concentration.

A data center is not one asset, because it combines land, power access, network links, buildings, cooling, and AI servers, so the financing naturally spills across infrastructure funds, real estate funds, private credit, and corporate bonds.

Goldman signals that AI capex estimates are rising faster than actual data center construction, which means the bottleneck may shift from model demand to financing capacity, power availability, and project execution.