‘FOMO has proven a stronger incentive than poor stock performance’: Goldman Sachs finds insecurity is a key part of the AI boom

The numbers coming out of Wall Street’s most influential research shop tell a story that Silicon Valley would rather not hear.

In two separate reports published in April, Goldman Sachs analysts examined the great AI infrastructure build-out from opposite ends of the telescope — one team studying how much the machine will cost to build, another studying whether the machine is actually working — and arrived at a rare institutional moment: two wings of a single firm arguing, simultaneously...