Goldman Sachs: Consumer-grade AI agents enter the platform layer with capital expenditures of $1.4 trillion in 2027

Goldman Sachs Research released a viewpoint on September 18, stating that AI is transitioning from the experimental phase to the implementation phase, with the rise of consumer-grade AI agents marking the emergence of the platform layer. At the Communacopia + Technology Conference held in San Francisco, most companies showcased cases from experimentation to implementation. Goldman Sachs expects that by 2027, capital expenditures for U.S. mega-cap companies will reach $1.4 trillion, exceeding Wall Street consensus.

Goldman Sachs analyst Eric Sheridan stated that consumer-grade AI agents are shifting from conversational relationships to action-oriented tasks. If consumers overcome trust and security issues, they could execute complex tasks such as purchasing tickets and booking hotels. The monetization of such agents in the mass market will be similar to search, achieved through advertising and subscriptions. AI is evolving from the infrastructure layer to the platform layer and application layer, with declining token unit pricing and increased utility being key drivers of mass adoption.

During the conference, concerns about AI risks became a major topic, but Goldman Sachs believes this will not slow down infrastructure construction, as demand for computing power still exceeds supply and most projects have already been contracted. Supply chain constraints such as memory chips, electricity, and land may pose resistance, but the capital expenditure cycle is expected to remain high through 2027.