Goldman Sachs flags power and compute as two chokepoints in the AI boom

Add as a preferred source on Google Summary Goldman Sachs says AI infrastructure demand is outpacing capacity, with power now the key gatekeeper as hyperscalers lock in contracts for 2028 and beyond, while data and security platforms emerge as clear beneficiaries of enterprise AI spending. meta weekly chart 13 October 2026 The note points investors toward the physical layer of the AI trade, with access to high-voltage power now a tighter constraint than the capital to buy chips. That favours operators that have already secured grid capacity, and it suggests power availability, more than chip supply, could set the pace of new data centre builds through 2027. In software, budgets moving toward data and cybersecurity point to a widening gap between foundational platforms and application vendors, whose pricing models could come under pressure as agents replace human users.