Goldman Sachs Says AI Industry Is Still in Early Stages as Consumer Agents Drive Token Use

Goldman Sachs says the generative AI industry remains in the early stages of development, with applications shifting from one-off queries to consumer AI agents capable of continuously performing searches, planning and transactions. This digital workforce requires repeated model calls, which will increase token use and drive demand for computing infrastructure including data centers, chips and electricity.

Goldman Sachs' latest analysis estimates that global token consumption will rise to more than 12 times current levels by 2030 as consumer AI agents become widespread, making them a key driver of AI computing demand. The report did not disclose a corresponding investment figure, but stressed that the industry's growth cycle remains in its early stages even with Taiwan's stock index holding above 40,000 points and U.S. equities reaching record highs.