GS: Over the last six months, the investment boom has accelerated. Tech investment as a percentage of GDP has breached the 1990 highs and has risen more sharply than it did then (Exhibit 1). Capex expectations from the hyperscalers for 2026 are now nearly 80% higher than they were 6 months ago (Exhibit 2). And AI-related investment is on track to approach the peak level of the 1990s tech investment boom within the next couple of years and could exceed it. The AI investment boom is neither as broad-based nor as long-lived as the 1990s tech boom yet (Exhibit 3), but it is matching its scale (Exhibit 4).