AI Infrastructure & Investment

Goldman Sachs forecast a 7 percentage point average decline in Big Tech return on equity over the next year, warning AI infrastructure spending is outpacing revenue generation. The June 12 report targets Microsoft, Alphabet, Meta, Amazon, and Apple, citing an 18-to-24-month lag between capital investment and revenue recognition. The S&P 500's 9% year-to-date return reflects market valuations that may not yet price in the compression ahead.

AlphaTON invested $46M in AI infrastructure in January 2026, securing NVIDIA's first B300 chips and ordering 576 B300 GPUs. The trading firm began generating revenue from AI inference in December 2025, one month after deploying H200 GPUs. Amazon announced $200B in AI infrastructure spending in February 2026.