Goldman Sachs says the capex supercycle fueled by AI investment is just kicking off.

Hyperscalers' AI spending is expected to hit $757B this year, and $920B in 2027.

The bank shared 16 US-based tech stocks set to benefit from the spending spree.

Despite investors' fears last year that all of the AI capex from hyperscaler firms was getting long in the tooth, Goldman Sachs says the spending spree is just kicking off.

"A capex supercycle is taking hold," Peter Oppenheimer, the bank's chief global equity strategist, said in a client note on Tuesday.

Hyperscalers are expected to spend $757 billion this year, up 84% from last year, followed by another $920 billion in 2027, the bank said.

The spending glut has significantly boosted earnings for companies positioned to benefit from the AI buildout — which has been worth its weight in gold in the current market environment, the bank said.

"In a higher cost-of-capital environment where multiple expansion is more limited, this combination of earnings growth and positive revisions remains a key driver of outperformance," Oppenheimer wrote.

To take advantage of the ongoing trend, the bank listed dozens of stocks around the world that are capex beneficiaries, as measured by the correlation between their sales performance and global spending rates.

Below are the 16 US tech-sector stocks, along with their industry groups, market capitalizations, and their forward next-12-months price-to-earnings ratios.

Apple

Industry: Computer HardwareMarket Cap: $4,275.9 billionNTM P/E: 31.0x

TD SYNNEX

Industry: Computer HardwareMarket Cap: $22.6 billionNTM P/E: 15.5x

Nebius

Industry: Consumer Digital ServicesMarket Cap: $58.5 billionNTM P/E: N/A

Amphenol

Industry: Electronic ComponentsMarket Cap: $189.2 billionNTM P/E: 30.0x

TE Connectivity

Industry: Electronic ComponentsMarket Cap: $61.4 billionNTM P/E: 17.2x

Lam Research

Industry: Production Technology EquipmentMarket Cap: $458.7 billionNTM P/E: 46.3x

Applied Materials

Industry: Production Technology EquipmentMarket Cap: $450.4 billionNTM P/E: 38.2x

Broadcom

Industry: SemiconductorsMarket Cap: $1,817.7 billionNTM P/E: 23.2x

Advanced Micro Devices (AMD)

Industry: SemiconductorsMarket Cap: $834.2 billionNTM P/E: 50.6x

Analog Devices

Industry: SemiconductorsMarket Cap: $203.5 billionNTM P/E: 30.2x

NXP Semiconductors

Industry: SemiconductorsMarket Cap: $77.0 billionNTM P/E: 19.0x

Microchip Technology

Industry: SemiconductorsMarket Cap: $51.6 billionNTM P/E: 28.5x

Oracle

Industry: SoftwareMarket Cap: $529.6 billionNTM P/E: 22.5x

Fortinet

Industry: SoftwareMarket Cap: $107.2 billionNTM P/E: 44.7x

Cadence Design Systems

Industry: SoftwareMarket Cap: $106.2 billionNTM P/E: 44.8x

MongoDB

Industry: SoftwareMarket Cap: $27.6 billionNTM P/E: 52.2x

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