Goldman Sachs Raises 2027 AI Capex Forecast to $1.4 Trillion, Predicts Token Usage to Surge 24x by 2030

According to its latest report, Goldman Sachs predicts that major tech companies' capital expenditures in 2027 could reach 1.1 to 1.4 trillion dollars, significantly higher than Wall Street's consensus estimate of 920 billion dollars. The forecast by analyst Ryan Hammond's team is supported by a surge in backlog orders from cloud service providers, with Google Cloud and Amazon AWS combined backlogs reaching 832 billion dollars as of Q1 2026, up 1.3x in six months.

Goldman Sachs also forecasts that global token consumption will surge 24 times by 2030, driven by the rise of enterprise agents, which will sustain strong demand for data centers, high-performance chips, networking equipment, and power infrastructure.