Goldman Sachs

“Global AI-related investment will exceed $1 trillion in 2026, including $581 billion in the US — above the roughly $794 billion consensus estimate for US hyperscaler capex alone — with cumulative AI investment reaching about $1.8 trillion globally since 2022 by the end of 2026.”

The 2026 calendar year is still under way; resolves once full-year global and US AI investment totals are tallied in 2027.

“US data center power demand is forecast to more than double to 66 GW in 2027 from 31 GW in 2025 (41 GW in 2026), driven by an accelerating buildout of AI infrastructure; data centers' share of total US peak summer power demand is projected to jump to 8.5% in 2027 from 4.1% in 2025.”

Forecast assumes US data center capacity reaches ~95 GW by end-2027 at a 70% utilization rate; Goldman itself notes only about 50-60% of scheduled capacity is expected to come online on time.