Big Tech's Capex Is Half of Wall Street's Profit Growth

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And if hyperscaler investment next year comes in $250 billion above or below forecast, S&P 500 earnings growth moves roughly 6 percentage points in the same direction. Investment keeps rising—about $800 billion this year, $1. 2 trillion next year, $1. 4 trillion by 2028. Goldman’s $1. 2 trillion forecast is a signal that AI infrastructure investment hasn’t peaked yet.

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