AI Productivity Payoff Poised to Emerge, Goldman Sachs Predicts

Investors have largely focused on AI infrastructure stocks rather than productivity beneficiaries. However, Goldman Sachs believes this may shift as adoption spreads and companies' productivity improves.

The bank's strategists estimate that AI inference expenses currently equate to less than 0.5% of S&P 500 revenues but spending has accelerated sharply in recent months.

A recent acceleration in enterprise AI spending suggests that the earnings impact of AI adoption should become clearer in coming quarters, according to Goldman Sachs.