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Goldman Sachs says buy these 16 tech stocks positioned to win as an AI-capex supercycle juices earnings

Goldman Sachs says the capital spending supercycle fueled by AI investments is just getting started.
Hyperscalers’ AI spending is expected to reach $757 billion this year and $920 billion in 2027.
The bank shared 16 US-based technology stocks that will benefit from the spending spree.

Despite investors’ fears last year AI capex from hyperscalers Goldman Sachs says the spending spree is just getting started.

“A capital spending supercycle is taking hold,” Peter Oppenheimer, the bank’s global equity strategist, said in a client note Tuesday.

Hyperscalers expected to spend $757 billion Another $920 billion will follow in 2027, up 84% this year from last year, the bank said.

The spending glut has significantly boosted earnings for companies in a position to benefit from AI development, which is worth its weight in gold in the current market environment, the bank said.

“In a higher cost of capital environment where multiple expansion is more limited, this combination of earnings growth and positive revisions remains the key driver of outperformance,” Oppenheimer wrote.

To capitalize on the ongoing trend, the bank listed dozens of stocks benefiting from capex spending around the world, measured by the correlation between their sales performance and global spending rates.

Below are 16 US tech sector stocks, along with their industry groups, market caps, and price-to-earnings ratios for the next 12 months.

Apple

business intelligence

Industry: Computer Hardware
Market value: $4,275.9 billion
NTM P/E: 31.0x

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