Goldman Sachs: When Will the AI Investment Boom Pay Off?

Jim Covello of Goldman Sachs Research notes in the "Goldman Sachs Exchanges" podcast that the economic benefits of artificial intelligence are more questionable now than they were two years ago, as corporate buyers, model companies, and hyperscale cloud providers have yet to prove that their investments will pay off. He also discusses the distribution of economic value realized to date and why semiconductor companies cannot continue to be the sole beneficiaries of AI buildout. This episode was recorded on May 26, 2026.