2025-11-11
14 分钟Is there an AI bubble?
We've all heard the bull case for AI,
that we're in the early innings of a technological revolution that will change the world,
and the companies leading this revolution will generate tremendous returns for their investors.
But after years of heavy spending and rising stock valuations,
we're starting to hear a lot more skepticism.
So are there signs of a bubble?
And if we are in a bubble, what does it mean for investors?
I'm Allison Nathan, and this is Goldman Sachs Exchanges.
Each month, I speak with investors, policymakers,
and academics about the most pressing market-moving issues for our top of my report from Goldman Sachs Research.
This month, I spoke with two of my colleagues here in Goldman Sachs Research, our U.S.
Internet Equity Research Analyst, Eric Sheridan, and our U.S.
Software Equity Research Analyst, Cash Rangan.
I started by asking Eric and Cash about where the AI buildout stands today and how that compares to expectations.
On the infrastructure layer, the amount of capital and the amount of spend.
has surprised to the upside.
That level of spend short-term is mostly tied to the fact that demand for these services,
the compute need generated by you querying GPT is outstripping the available capacity.
So infrastructure has surprised to the upside on the need for capital to meet the demand for services.