Live Markets: What the AI capex cycle might mean for European growth

Genmab A/S

06/10/2026 11:30

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WHAT THE AI CAPEX CYCLE MIGHT MEAN FOR EUROPEAN GROWTH
Most of the spending that is part of the global AI capex cycle is concentrated in Asia and the US, but Goldman Sachs says there are also "signs of positive growth spillovers into Europe."
They've taken a look at the evidence, for example by analysing the impact of AI spending and industrial production data in sectors exposed to AI investment, and cross-checking their findings with relevant earnings expectations.
"Taken together, our exercise points to a European growth boost of 0.05pp to 0.15pp, with a mean estimate of 0.10pp," they said.
Which isn't that much in the grand scheme of things, but also isn't nothing  - especially for Europe. 
The impact won't be the same across Europe though  - two sets of countries stand to benefit specifically, Goldman said.
"First, countries that attract physical investment in data centres, such as Scandinavian economies and Iberia, are benefitting from domestic construction and fitting activity," they said.
     "Second, manufacturing economies integrated in the global semiconductor and electrical equipment supply chain benefit from incremental demand globally, including Germany."
(Sophie Kiderlin)
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