Goldman Sachs raises AI server market forecast to $1.24 trillion
Goldman Sachs has increased its long-term forecast for the global artificial intelligence server market to 1.24 trillion dollars by 2030. The new estimate marks an 18 percent upward revision from a previous projection of 961 billion dollars. The adjustment reflects accelerating demand for computing infrastructure as companies expand artificial intelligence workloads across industries.
The bank also raised its outlook for the traditional server market to 164 billion dollars by 2030, up 31 percent from an earlier estimate of 105 billion dollars. The revision signals that demand is strengthening not only in AI-specific systems but also in conventional enterprise computing infrastructure, driven by sustained investment cycles in data processing and storage capacity.
Within this environment, Dell Technologies has emerged as a key beneficiary of rising AI infrastructure spending. The company reported a 622 percent year-on-year surge in AI server revenue, reaching 11.3 billion dollars, supported by a 300 percent increase in unit shipments. Market expectations for the company have strengthened, with analysts raising price targets to 500 dollars, citing its expanding scale and exposure to agentic AI-driven demand. Supply constraints across the server industry are expected to persist until at least 2027, adding further pressure to an already tight market.
A separate analysis highlights the scale of investment in China’s artificial intelligence ecosystem. Major technology groups, including ByteDance, Baidu, Alibaba, and Tencent, are projected to collectively invest around 100 billion dollars in capital expenditures in 2026. ByteDance alone is considering spending up to 70 billion dollars, more than double its previous year’s investment. Cloud and data center operators such as Alibaba, GDS Holdings, VNET Group, and Kingsoft Cloud are positioned as key beneficiaries of this spending surge.
The broader outlook points to a global race to expand AI infrastructure capacity. Rising usage of AI models, increasing token consumption, and higher cloud service pricing are expected to support revenue growth across the sector. Earlier projections suggested more than 500 billion dollars in AI-related capital expenditure in 2026, but revised estimates indicate that actual spending could exceed expectations as demand for computing power continues to outpace supply.
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