Goldman Sachs strategists expect Amazon, Alphabet, Microsoft, Oracle and Meta to increase AI infrastructure spending by more than 50% next year to $1.2 trillion, above Wall Street's $1.1 trillion consensus estimate for capital expenditure. Their calculation says the five companies will need about $300 billion in AI revenue annually over the coming years to recoup their investment. Shortages of power, labor and memory, along with data center construction limits, could constrain expansion.