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Goldman Sachs study quantifies crowding-out effect of the AI boom

Axios · first seen 13.08.2026

A new Goldman Sachs note finds that massive AI investment, projected at $600 billion this year, is displacing other tech investment and construction while raising corporate borrowing costs.

  • Goldman Sachs economists estimate AI investment will reach $600 billion this year, accounting for 2% of GDP.
  • AI investment comprises 10% of business fixed investment and 15% of equipment investment.
  • Crowding out manifests as displaced tech spending and higher corporate borrowing costs.

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