The AI money-burning war has escalated, from data centers to energy infrastructure. Will this cycle continue or not?

According to Qianzhan.com’s news, Goldman Sachs has released a report stating that the world is entering a super cycle of capital expenditure driven by AI and geopolitics, and that future investment returns will depend more on active stock selection than on valuation expansion. Goldman Sachs expects that Amazon, Meta, Google, Microsoft, and Oracle will have total capital expenditure of approximately $75.5 billion in 2026, rising to about $92.0 billion in 2027. The momentum for capital expenditure is spreading from data centers to the energy, industrial, and infrastructure sectors. Goldman Sachs recommends four thematic investment baskets: artificial intelligence, defense spending, power and electrification, and Halo.