Goldman: Hyperscalers would still need $920B/year for depreciation in worst-case capex scenario
SumitGup · x · 2026-09-27
Goldman's sensitivity analysis on the $1.7 trillion hyperscaler capex wave shows that in the worst case—where ROIC on capex falls to 0 as token costs collapse and demand shifts to open models—data centers would still have to spend $920BN per year just to cover depreciation and running costs. The analysis also leaves out several factors, per zerohedge.
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