Goldman Sachs, however, is betting $125 billion! Who on Wall Street is really playing dumb this time?

AI stocks just plunged, and talk of a bubble bursting is heating up again. Some say AI has been overhyped; others say tech stock valuations need a reset.
But just as everyone is busy looking for the next stock to avoid, Goldman Sachs has offered a thought-provoking forecast: U.S. data center construction spending is expected to reach $125 billion by 2028.
On one side, stocks are falling; on the other, infrastructure investment keeps growing. It’s a bit like a restaurant with fewer customers while the kitchen is still being frantically expanded.
Why is Goldman Sachs still optimistic?
Because AI needs more than just chatbots—it also needs enormous computing power, cloud infrastructure, and electricity. Demand and backlogs from major cloud providers are supporting data center construction.
But that doesn’t mean the entire AI supply chain is safe.
Data center investments require heavy upfront spending and take time to pay off. If financing costs rise, project approvals are delayed, or demand for computing power grows more slowly than expected, highly leveraged companies could face a cash flow crisis.
So this round of market adjustment may involve both sentiment-driven indiscriminate selling and valuation resets.
AI won’t disappear just because stock prices fall, but advanced technology doesn’t guarantee every company will make money.
The market’s future contest isn’t about who tells the best AI story, but who can truly turn AI into profits!#美股AI板块遭遇重挫