🇪🇸 Goldman Sachs: AI Investment Pivots From Training to Inference as Enterprise Adoption Takes Off

🇪🇸 Goldman Sachs: AI Investment Pivots From Training to Inference as Enterprise Adoption Takes Off
After a slow start, enterprises are rapidly deploying AI, and Goldman Sachs Asset Management's tech investing co-heads say the industry is now firmly compute-constrained. One company told them the top 5% of enterprise AI users already consume three times the tokens of the median company, a gap that keeps widening as adoption spreads beyond coding into broader, agentic workflows. That demand is spilling into new parts of the supply chain - ASICs, memory chips, and especially fiber optics, as data centers replace copper connections, a shift GSAM expects to play out over five-plus years. The firm says compute scarcity is actually bullish - it stretches the investment cycle over three to five years rather than one, keeping valuations attractive despite recent AI stock volatility.
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