Goldman Sachs In his latest weekly report, analyst Mark Wilson noted that hyperscale cloud computing companies are demonstrating staggering levels of capital expenditures and returns. Goldman Sachs forecasts that Google (Alphabet)’s capital expenditures will reach $415 billion by 2028, Amazon’s will reach $366 billion during the same period, and Microsoft’s will reach $284 billion.Wilson bluntly described this scale as “staggering,” but the business performance was equally impressive: Google cloud growth accelerated to 82% year-over-year, Amazon and AWS revenue growth accelerated to its highest level since the COVID-19 pandemic. Amazon During the earnings call, management noted that the annualized AI revenue scale had risen significantly quarter-over-quarter, now exceeding $25 billion, with triple-digit year-over-year growth, and that the AI business was delivering strong profit margins and returns.