Goldman Sachs forecasts AI spending will drive about half of S&P 500 earnings growth in 2026 and 2027, with Nvidia and Micron expected to account for about one-third of that growth.

Goldman Sachs said companies tied to AI infrastructure buildout are expected to drive about half of S&P 500 index EPS growth in both 2026 and 2027.

Nvidia and Micron Technology together are expected to account for about one-third of S&P 500 EPS growth this year, as AI infrastructure demand feeds semiconductor sales. Tech hardware makers, industrial companies, and utilities are also benefiting as data center construction accelerates and electricity demand rises.

Goldman Sachs warned that rising depreciation costs at hyperscalers (large cloud providers spending heavily on AI infrastructure) will partly offset earnings gains, with that drag likely becoming more visible in 2027 than in 2026.