August 2026: Adoption Rises to 22.4%

Goldman Sachs

Sarah Dong, Joseph Briggs

Research

24 Pages

Goldman Sachs tracks AI’s spread from capital spending to business adoption, labor markets, and productivity. US establishment adoption rose to 22.4%, AI-related hardware investment stands $485bn above 2022 levels, and academic studies show 23% average productivity gains, while broad employment effects remain limited.

Key Takeaways

Adoption keeps rising: US establishment AI adoption reached 22.4%, up 0.9 points from July, and firms expect 25.9% adoption within six months.
Investment remains strong: AI-related US hardware investment stands $485bn above 2022 levels, while semiconductor revenues are projected to reach $863bn annualized by end-2026.
Productivity evidence builds: Academic studies show 23% average productivity uplift, while company anecdotes average 32%; official data show only slightly stronger growth in higher-adoption industries.
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