US hyperscaler companies are projected to spend $800 billion on capital expenditures in 2026, a 94% increase from 2025, driving roughly half of S&P 500 earnings growth through chipmakers and tech suppliers. However, Goldman Sachs forecasts slower capex growth in subsequent years, which combined with rising depreciation charges will dampen AI investment's contribution to earnings. Market analysts warn of structural headwinds including valuation compression from higher interest rates and massive new equity supply from IPOs and insider lockup expirations.