Goldman Sachs raises AI server market forecast to $1.24T by 2030

Goldman Sachs Forecasts AI Server Market to Hit $1.24 Trillion by 2030

Goldman Sachs has raised its forecast for the global AI server market to $1.24 trillion by 2030, an 18% upward revision from its previous estimate of $961 billion, as surging demand for artificial intelligence infrastructure continues to reshape enterprise technology spending.intellectia

The bank also lifted its outlook for the traditional server market to $164 billion by 2030, a 31% increase from its prior forecast of $105 billion, pointing to sustained demand across both AI and conventional IT infrastructure.intellectia

Dell Emerges as Key Beneficiary

Dell Technologies, one of the primary beneficiaries of the AI server buildout, saw its AI server revenue surge 622% year-over-year to $11.3 billion, driven by a 300% increase in units sold. Goldman raised its price target on Dell to $500, citing “increased confidence in Dell’s differentiated scale, business mix, and secular growth opportunities driven by agentic AI-related demand.”intellectia

The revised forecasts reflect how agentic AI demand is straining supply chains. Mizuho noted that server suppliers remain supply-constrained into 2027, indicating further upside for the sector.intellectia

China’s AI Spending Spree

In a separate report published on June 8, Goldman named cloud and data center stocks as its most preferred subsector for the second half of 2026, recommending Alibaba, GDS Holdings, VNET Group, and Kingsoft Cloud as key picks.aastocks

The bank estimated that ByteDance, Baidu, Alibaba, and Tencent will collectively spend $100 billion on capital expenditures in full-year 2026, with spending weighted toward the second half of the year. That figure represents a sharp acceleration from prior levels — ByteDance alone is weighing capex of as much as $70 billion this year, more than double its 2025 spending of roughly $25 billion, according to Bloomberg.bloomberg

Goldman forecast that China’s daily token usage will reach 350 trillion by December 2026, with cloud service price hikes and continued token expansion expected to drive revenue growth and margin expansion for data center operators.aastocks

Broader AI Infrastructure Race

The forecasts underscore a global race to build AI infrastructure. Goldman Sachs estimated in late 2025 that AI-linked companies would invest more than $500 billion in capital spending during 2026. The upward revisions to server market projections suggest that even those estimates may prove conservative as enterprise and hyperscaler demand for AI compute continues to outpace expectations.goldmansachs