BlockBeats News, August 12th, Goldman Sachs believes that the macro narrative around AI capital expenditure is being exaggerated by the market. As the earnings season for US stocks draws to a close, large tech companies are still ramping up their AI infrastructure investments, and investors are also focusing on data centers, chips, cloud services, and power demands. However, Goldman Sachs economist Jessica Rindels stated that the direct contribution of AI capex to the US GDP may not be as significant as the market imagines.

Goldman Sachs' key assessment is that much of the AI equipment is imported and not fully captured in US GDP statistics; at the same time, the transmission of AI-related activities to economic data is also incomplete. The bank estimates that taking into account the crowding-out effect of AI investment on other capital expenditures, the wealth effect on the stock market, and the increase in costs such as electricity prices, the net impact of AI-related factors on US GDP growth in 2026 is only about 0.1 percentage point.