Goldman Sachs: AI investment shifts from hype to data centers and infrastructure

Goldman Sachs sees a new stage in the AI market: investors are moving away from broad bets on «anything related to AI» and focusing on data centers. The reason is simple: compute, energy, cooling, and networks are becoming the main constraint on the growth of models and services. The bank estimates that within the next two years, AI workloads will account for about 30% of data center capacity, and competition for infrastructure will only intensify.