Goldman Sachs and JPMorgan emerge as unexpected winners of the AI capex boom

2:00 PM · July 14, 2026

Goldman Sachs and JPMorgan Chase are emerging as some of the biggest unexpected beneficiaries of the AI infrastructure buildout, according to CNBC, even though neither bank builds AI models or data centers itself. Banks are cashing in through several channels at once: advising AI and hyperscaler companies on deals, arranging financing for data centers and the power infrastructure needed to run them, underwriting debt and equity offerings tied to AI buildouts, and facilitating trading activity as AI-linked stocks swing sharply. Goldman Sachs CEO David Solomon described the moment as being 'in the middle of an AI capex super cycle where there are demands on financing in every single financing instrument, in every region of the world and across every single industry.' The pattern mirrors past infrastructure supercycles, where financial intermediaries captured a reliable cut of the value being built regardless of which individual companies ultimately won the underlying technology race — a dynamic now playing out around data centers, chips, and power in the current AI buildout.