Goldman Says AI Chip Demand Won't Peak Until 2027

Goldman Sachs strategists argue current semiconductor spending is a floor, not a ceiling, through 2027. The thesis rests on cloud providers' committed capital expenditure and enterprise AI rollout timelines—not speculation about future adoption. This undergirds their upgraded targets for South Korea's KOSPI and Taiwan's Taiex, both heavily weighted to chipmakers and foundries. The distinction matters: it separates established investment commitments from forecast risk.