Nebius and Data Center Providers: Goldman Identifies the Beneficiaries of the “Cost Supercycle”

Goldman Sachs has identified stocks of U.S. companies that could benefit from the ongoing boom in artificial intelligence infrastructure investment. According to Business Insider, the bank’s analysts say a “capital expenditure supercycle” is taking shape in the market, which will support demand for products from manufacturers of chips, data center equipment, cloud services, and software.

The largest technology companies plan to spend $757 billion on developing artificial intelligence infrastructure in 2026, an 84% increase compared to last year. Goldman Sachs estimates that this figure could rise to $920 billion in 2027.

Goldman Sachs says that this kind of investment surge has the potential to significantly boost the profits of companies that can benefit from the development of artificial intelligence.

To capitalize on this trend, the bank compiled a list of several dozen stocks from around the world that stand to benefit from rising capital expenditures—the assessment was based on the correlation between these companies’ sales trends and the growth rates of global capital expenditures.

Business Insider selected 16 stocks from this list; here’s who they chose, based on the projected P/E ratio — the ratio of the current stock price to the company’s expected earnings over the next 12 months — it recommends paying attention to the following (the lower the P/E ratio for comparable business growth rates, the cheaper the stock appears relative to expected earnings):

Which companies does Goldman Sachs consider to be among the beneficiaries of the increase in Big Tech spending on AI infrastructure:

— Apple is the largest manufacturer of consumer electronics and is also developing an ecosystem of digital services. Analysts estimate the company’s current price-to-earnings ratio (P/E) for the next 12 months at 31.0x.

— TD SYNNEX is one of the world’s largest providers of IT hardware, software, and cloud services to enterprise customers. According to Goldman Sachs, its P/E ratio is 15.5x.

— Nebius, a company founded by Arkady Volozh, is a provider of cloud infrastructure for AI and high-performance computing, offering computing power and data centers to developers and businesses. In March 2026, the company signed a five-year agreement with Meta Platforms to supply AI infrastructure with a total value of up to $27 billion. Also in March, Nvidia announced a $2 billion investment in Nebius. The companies agreed to collaborate on deploying AI infrastructure, managing computing clusters, and handling inference tasks (generating responses to user queries).

— Amphenol is a manufacturer of cable systems and components for data centers. P/E ratio: 30.0x.

— TE Connectivity — a manufacturer of sensors and components for industrial equipment, transportation, and data centers. P/E ratio — 17.2x.

— Lam Research is a supplier of semiconductor manufacturing equipment used in the production of modern chips for AI and data centers. P/E ratio: 46.3x.

— Applied Materials — a manufacturer of equipment and materials for semiconductor production, and one of the key beneficiaries of growing investment in the semiconductor industry. P/E ratio: 38.2x.

— Broadcom is a developer of networking and communications chips, as well as enterprise software for cloud infrastructure and data centers. P/E ratio: 23.2x.

— Advanced Micro Devices — a manufacturer of processors and accelerators for servers, personal computers, and artificial intelligence systems. P/E ratio — 50.6x.

— Analog Devices is a manufacturer of semiconductor components for telecommunications equipment, industrial automation, and data centers. P/E ratio: 30.2x.

— NXP Semiconductors — a developer of semiconductors for the automotive industry, industrial automation, and network infrastructure. P/E ratio: 19.0x.

— Microchip Technology — a manufacturer of microcontrollers, analog chips, and other components for industrial and telecommunications equipment. P/E ratio — 28.5x.

— Oracle is an enterprise software developer and one of the largest providers of cloud infrastructure, actively expanding its data center capacity to handle AI workloads. P/E ratio: 22.5x.

— Fortinet is a provider of cybersecurity solutions for networks, cloud platforms, and data centers. P/E ratio: 44.7x.

— Cadence Design Systems — a developer of semiconductor design software used by leading semiconductor manufacturers. P/E ratio: 44.8x.

— MongoDB — a developer of a database management platform widely used in cloud applications and AI-based services. P/E ratio: 52.2x.

This article was AI-translated and verified by a human editor