本报告为高盛欧洲经济分析，研究全球人工智能资本支出周期对欧洲经济的溢出效应。报告指出，本轮全球人工智能投资热潮持续，硬件投资主要集中在美洲与亚洲，但投资扩张正通过两个渠道向欧洲传导：一是本地数据中心建设带动建筑与装配活动，二是欧洲在半导体相关资本品、电子及电气设备等人工智能相关产品上迎来出口与生产需求上升。报告采用投入产出模型、自下而上的成本核算以及行业产出数据三种方法交叉验证，估计全球人工智能资本开支将对2026年欧洲GDP增长形成温和正向贡献，且这一正向拉动有望延续至2027年。受益较多的经济体包括吸引数据中心实体投资的北欧、伊比利亚等地区，以及深度融入全球半导体和电气设备供应链的制造业经济体（如德国）。报告同时提示，估计结果存在双向不确定性：产能扩张投资与正向信心效应可能被低估，而对非人工智能活动的挤出与计量误差则可能使贡献不及预期。
The AI investment cycle continues unabated, with global AI investment exceeding $1tn this year. While most of this spending is concentrated in the US and Asia, the global investment boom is showing signs of positive growth spillovers into Europe, partly offsetting headwinds from energy prices. This Analyst reviews the evidence and estimates the likely contribution of the global AI capex cycle to European GDP growth, leveraging three approaches: a model-driven input-output approach, a bottom-up bean-counting exercise, and granular industrial production data in AI investment-exposed sectors. Taken together, the exercise points to a modest European growth boost with a mean estimate of 0.10pp, with two groups of countries set to benefit most: those attracting physical data centre investment, such as Scandinavian economies and Iberia, and manufacturing economies integrated in the global semiconductor and electrical equipment supply chain, including Germany. Looking ahead, global AI-related