Goldman Sachs: Consumer AI Agent Capital Expenditures to Reach $1.4 Trillion by 2027

Goldman Sachs released its insights on September 18, indicating that AI is transitioning from the experimental phase to the implementation phase, with the rise of consumer AI agents marking the emergence of a platform layer. At the Communacopia + Technology Conference held in San Francisco, most companies showcased cases from experimentation to implementation. Goldman Sachs expects that capital expenditures by U.S. hyperscale companies will reach $1.4 trillion by 2027, surpassing Wall Street consensus. Goldman Sachs analyst Eric Sheridan stated that consumer AI agents are shifting from conversational relationships to action-oriented tasks, and if consumers overcome trust and security issues, they could perform complex tasks such as purchasing tickets and booking hotels. The monetization of such agents in the mass market will be similar to search, achieved through advertising and subscriptions. AI is evolving from the infrastructure layer to the platform layer and application layer, with declining token unit pricing and improved utility being key drivers of mass adoption. During the conference, concerns about AI risks became a major topic, but Goldman Sachs believes this will not slow down infrastructure development, as demand for computing power still exceeds supply and most projects have already been contracted. Supply chain constraints such as memory chips, electricity, and land may pose challenges, but the capital expenditure cycle is expected to remain high through 2027.