8September2025|12:47AMEDT

AIAdoptionTracker

2025Q3:AIHardwareInvestmentRemainsStrong;AdoptionProgressSlows(Dong/Briggs)

n

WeupdateourquarterlyAIadoptiontrackerthroughSeptember2025.

JanHatzius

+1(212)902-0394|jan.hatzius@

n

AI-relatedinvestmentgrowthremainsstrong,particularlyforsemiconductor?rms,whereequityanalystsexpectrevenuegrowthof38%fromcurrentlevelsbytheendof2026.SincethereleaseofChatGPTinlate2022,analystshave

upgradedtheirend-2025revenueprojectionsforsemiconductorsby$203bn

(0.7%ofUSGDP)andAIhardwareenablersby$123bn(0.4%).USAI-relatedhardwareandsoftwareinvestmentpickedupinQ2,likelypartiallyduetotarifffrontloading.Manufacturers’shipmentsforAI-relatedcomponentsincreasedintheUS,Japan,andCanada.

GoldmanSachs&Co.LLC

JosephBriggs

+1(212)902-2163|

joseph.briggs@

GoldmanSachs&Co.LLC

SarahDong

+1(212)357-9741|sarah.dong@GoldmanSachs&Co.LLC

MeganPeters

+44(20)7051-2058|

megan.l.peters@

GoldmanSachsInternational

n

AIadoptionby?rmsincreasedataslowerpaceinQ3,with9.7%ofUS?rmscurrentlyusingAItoproducegoodsorservices(vs.9.2%inQ2).Within

industries,?nanceandrealestate?rmsreportedthelargestadoptiongains

whileeducationalservicesreportedadecline.Broadcastingandpublishing?rmsreportedthelargestexpectedincreaseinAIadoptionoverthenextsixmonths.Wecontinuetoseehigheradoptionratesamongsubsectorswithgreater

exposureofworktaskstoAIautomation.Large?rmswith250+employeesandmedium-sized?rmswith100-249sawadoptionratestickdowninQ2,but

expectedfutureadoptionremainsstrong.Recentindustrysurveyssuggestthatconcernsarounddatasecurity,quality,andavailabilityremainthetopbarrierstoadoption.

n

AI’simpactontheoveralllabormarketstillremainslimited,althoughAI

employmentheadwindsarevisibleinspeci?coccupationslikemarketing,

graphicdesign,customerservice,andespeciallytech(wheretheshareofoverallemploymenthasfallenbelowitslong-runtrend).WeexpectthatAI-drivenjob

displacementwilleventuallyaffect6-7%ofallworkersfollowingfulladoption.

AI-relatedjobopeningsnowaccountfor28%ofallITjobopeningsand1.5%ofalljobpostings.Sincethelastupdate,AIwasmentionedincorporatelayoffs

affecting10,375employees,buttheunemploymentrateforAI-exposedpositionsremainssimilartothatofless-exposedoccupations.

n

Wecontinuetoobservelargeimpactsonlaborproductivityinthelimited

areaswheregenerativeAIhasbeendeployed.Academicstudiesimplya27%averageuplifttoproductivity,whilecompanyanecdotesimplysimilaref?ciencygainsofaround31%.

Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcerti?cationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

/research/hedge.html

.

GoldmanSachsAIAdoptionTracker

8September20252

2025Q3:AIHardwareInvestmentRemainsStrong;AdoptionProgressSlows

Exhibit1:SemiconductorCompanyRevenuesAreExpectedtoIncreaseby38%FromCurrentLevelsby2026Q4

Source:FactSet,GoldmanSachsGlobalInvestmentResearch

Exhibit2:RevenueForecastRevisionsContinuetoImplya$123bnIncreaseforOtherHardwareEnablersbyEnd-2025,UpFrom$105bn

Source:FactSet,GoldmanSachsGlobalInvestmentResearch

Exhibit3:CloudServiceProvidersContinuetoSeeStrongRevenueUpgrades

Source:FactSet,GoldmanSachsGlobalInvestmentResearch

Exhibit4:Tariff-drivenFrontloadingContinuedtoDriveUpUSInvestmentinAI-RelatedSoftwareandHardwarein2025Q2

Source:HaverAnalytics,GoldmanSachsGlobalInvestmentResearch

8September20253

8September20254

Exhibit5:Manufacturers’ShipmentsforAI-RelatedComponentsRemainedElevatedinJapan,theUS,andCanada

Source:HaverAnalytics,GoldmanSachsGlobalInvestmentResearch

8September20255

AIAdoptionbyFirms

Exhibit6:ThePaceofAdoptionGrowthHasSlowedOverthePastQuarter

Source:CensusBureau,GoldmanSachsGlobalInvestmentResearch

Exhibit7:9.7%ofFirmsAcrossAllIndustriesHaveAdoptedAI,UpSlightlyFrom9.2%LastQuarter

0510152025303540

Information

Professional,Scientific,andTechnical

FinanceandInsurance

EducationalServices

RealEstateandRental二二

HealthCareandSocialAssistance

AllIndustries

Arts,Entertainment,andRecreation

ShareofUSFirmsUsingAIby

Sector(%)

October2023

August2025

NextSixMonths

Admin/Support/WasteManagementWholesaleTrade RetailTrade Manufacturing OtherServicesConstruction

TransportationandWarehousing

AccommodationandFoodServices

0510152025303540

Source:CensusBureau,GoldmanSachsGlobalInvestmentResearch

8September20256

Exhibit8:SinceLastQuarter,AdoptionRatesIncreasedAmongFinance,Insurance,andRealEstateFirmsbutDeclinedforEducationalServicesFirms

-2.0-1.00.01.02.03.0

FinanceandInsurance

RealEstateandRental

OtherServices

Arts,Entertainment,andRecreation

Information:

Professional,Scientific,andTechnical

Admin/Support/WasteManagement

WholesaleTrade

AllIndustries

HealthCareandSocialAssistance

ManufacturingConstruction

ChangeinShare

ofFirmsUsingAISince

QuarterAgo,bySector

(PercentagePoints)

RetailTrade

AccommodationandFoodServices

TransportationandWarehousingEducationalServices

-2.0-1.00.01.02.03.0

Source:CensusBureau,GoldmanSachsGlobalInvestmentResearch

Exhibit9:AdoptionRemainstheHighestintheComputing,Publishing,andWebSearchSubsectors

Computing/Data/WebHostingPublishing(ex.Internet)

WebSearch/Libraries/Archives Securities/Commodities/FinancialProfessional,Scientific,andTechnicalBroadcasting(ex.Internet)

MotionPictureandSoundRecordingRealEstate

NonstoreRetailers

EducationalServices

CreditIntermediationandRelated InsuranceCarriersandRelatedHealthcareandSocialAssistancePerformingArts/SpectatorSportsAmbulatoryHealthCare

01020304050

ShareofUSFirmsUsingAI,

Top15Subsectors(%)

October2023

August2025

NextSixMonths

0102030405060

Source:CensusBureau,GoldmanSachsGlobalInvestmentResearch

8September20257

Exhibit10:BroadcastingandPublishingFirmsExpecttheLargestIncreasesinAIAdoptionOvertheNextSixMonths

02468101214161820

Broadcasting(ex.Internet)

Publishing(ex.Internet)MotionPictureandSoundRecording Computing/Data/WebHosting Securities/Commodities/Financial InsuranceCarriersandRelatedProfessional,Scientific,andTechnical

PrintingandRelatedPerformingArts/SpectatorSportsAmbulatoryHealthCare

RealEstate

EducationalServices

CreditIntermediationandRelatedWebSearch/Libraries/ArchivesNonstoreRetailers

ExpectedChangeinShare

ofFirmsUsingAIOver

NextSixMonths,Top15

Subsectors

(PercentagePoints)

02468101214161820

Source:CensusBureau,GoldmanSachsGlobalInvestmentResearch

Exhibit11:AdoptionRatesHaveDeclinedAmongLargerFirmsbutExpectedAdoptioninSixMonthsIsStillFirm

Source:CensusBureau,GoldmanSachsGlobalInvestmentResearch

8September20258

Exhibit12:AIAdoptionRemainsStronglyCorrelatedWithSubsectorAIAutomationExposure

ShareofworkexposedtoAIautomationisaGSestimatebasedonthemethodologyin“GlobalEconomicsAnalyst:ThePotentiallyLargeEffectsofArti?cialIntelligenceonEconomicGrowth”(March26,2023).

Source:CensusBureau,GoldmanSachsGlobalInvestmentResearch

8September20259

Exhibit13:SecurityandDataQualityConcernsAreCommonlyCitedBarrierstoAIAdoption

Source

Date

CurrentAdoption

FutureAdoption

Gartner

June2025

45%ofsurveyedfirmswithhighAImaturityreportedthattheirAIinitiativesremainedinproductionfor3+yearstoensuresustainedimpactandvalue,comparedto20%inlow-maturityorganizations.91%ofleadersfromhigh-maturityorganizationshaveappointeddedicatedAIleaders.

Securitythreats,findingtherightusecases,anddataavailability/qualitywereamongthetopbarriersforAIimplementationreported.

58%ofthebusinessexecutivesandmiddlemanagerssurveyedreported

Universityof

thattheirfirmshadincorporatedAIintotheirbusinessoperationsinsome

AmajorityofrespondentsdeclaredtostronglyorsomewhatsupportAI

MarylandCenter

forGlobal

June2025

capacity.39%reportedusinggenerativeAI,30%reportedusingcomputervision,and27%reportedusingmachinelearning.Amajorityofrespondents

regulationsontransparencyand/oralgorithmicbias.20%ofrespondentswereveryorextremelyconcernedaboutAI-drivenjobdisplacementinthe

Business

saidthatcustomerexperienceandoperationsefficiencyimprovementswereatthecoreoftheirAIadoptionstrategies

nearfuture.

Paypaland

ReimagineMain

Street

June2025

Outofnearly1000smallbusinessessurveyed,25%reportedhavingalreadyintegratedAIintotheirdailyoperationswhileanother51%reported

experimentingwithAI(butnotincorporatingintoregularoperations).

Businessautomation,financialintelligence,andreal-timecustomerinsightswerecitedassomeofthemostcommonstrategicapplicationsofAItools.

RespondentswhohadnotyetfullyadoptedAIcitedsecurityconcerns,

resourceconstraints,anduncertainvalueaddasthetopbarriersfaced.MostrespondentswhohadnotyetadoptedAIwereinvaryingstagesof

engagementonatrajectorytowardsadoption.

Bain&Company

May2025

GenerativeAIadoptionrateshaveincreasedbydoubledigitpercentage

pointsacrossseveralsubsectorsoverthepastyear.Adoptionisalso

deepening,astheaveragenmberofusecasesforAIdoubledbetween

October2023andDecember2024(2.5to5.0).Morethan80%ofreportedusecasesaremeetingorexceedingexpectations.TheshareofcompaniesnamingAIasatopbusinesspriorityhasrisenfrom9%to15%,andaroundhalfhaveclearimplementationroadmaps.

Datasecurityandprivacyconcernshavegrownsubstantiallysinceinitial

surveysfromearly2023.Infrastructurebuildoutandscalingremainsa

challengetofulladoption,with75%ofcompaniesreportingdifficultyin

findingin-houseexpertise.AnnualbudgetsforAIhavedoubledsinceearly2024andnowaveragearound$10million.

EPAM

April2025

54%ofsurveyedfirmsidentifiedthemselvesasadvancedusersofartificialintelligencewhohaveachievedconsistentresults.26%ofthisgrouphavedeliveredAIusecasestothemarket,and75%ofthegrouphasaclearlydefinedAIstrategy.

Improvingproductivityandgreateroperationalefficiencywerethetopgoalsforfirms'AI-relatedinitiatives.Onaggregate,surveyedcompaniesalso

reporta14%yoyplannedincreaseinAIspendingin2025.43%of

companiesplantohiremoreAI-relatedrolestosupporttheseinitiatives,andmachinelearningengineersandAIresearchersarethemostin-demand

positions.Datasecurity,insufficientcloudinfrastructure,andoutdatedtechstackswerethemostcommonlycitedconcernsforadoption.

GallagherRe

March2025

64%ofsurveyedbusinessleadersreportedusinggenerativeAIintheirfirmsinDecember2024,comparedto54%in2023.60%reportedhavingmadesignificantinvestmentsinAIoverthepast12months.Overall,overtwo-

thirdsofleadersratedtheirAItransormationjourneysasasuccess,andlargerorganizationsreportedhighersuccessrates(82%).

Movingforward,76%ofbusinessleadersexpecttoseeanincreasein

employeeproductivityasaresultofgenerativeAIadoption.Athirdof

respondentsplantohirenewAI-focusedrolestosupportfuturedevelopmentandadoption.16%offirmsareactivelysecuringfundingforplannedAI

projects,while15%aregenerallyplanningtoinvestinthenext2-3years.

Lenovo

February2025

21%ofsurveyedrespondentsareinearlydevelopmentofAItools,25%

havemovedontopilotprojects/usecases,andonly5%have

systematicallyadoptedAIarosstheirorganization.InterpretiveAIhasmadeup65%ofimplementationcasesoverthepast12months,whilepredictiveandgenerativeAImakeup25%and11%,respectively.94%ofAIadoptersreportthattheirAIprojectshavemetorexceededtheirexpectations.

Overall,42%ofsurveyedrespondentsexpecttobeusinggenerativeAItoolsintheirorganizationthisyear.BusinessleadersseeprovingROIasoneofthegreatestbarrierstoAIadoption,inadditiontodataquality/privacyandgovernanceconcerns.ITleadersexpectAItoaccountfornearly20%oftheirtechbudgetsin2025,drivenbyanaccelerationinadoption.

GoogleandIpsos

January2025

Overthepast12months,74%ofsurveyedindividualsreportedusinganAIapplicationtoassistwiththeirwork.Commonusecasesincludeassistingwithwriting,analyzingcomplexinformation,ideageneration,and

summarizing/simplifyinglongdocuments.29%ofindividualsreportedthatAItoolswereprovidedattheirworkplace.

75%ofemployedrespondentsindicatedthattheywouldliketheiremployertooffertrainingonusingAIintheirlineofwork.20%ofrespondentsthoughtAIwouldcompletelytransformthewaytheydotheirjobswhile21%didnotthinkAIwouldhaveanyimpactsnoworinthefuture.

KPMG

January2025

50%ofsurveyedfirmsarecurrentlyinthescalingphasefortheirgenerativeAItools.NofirmshavebeenabletomeasuretheROIofgenerativeAIso

far,but31%anticipatebeingabletodosowithinthenextsixmonths.Only12%ofsurveyedbusinessleadershavedeployedAIagentstoperform

variousworktasksacrosstheirorganizations.

68%ofsurveyedbusinessleadersplanoninvesting$50-$250millionin

generativeAIoverthenext12months,upfrom45%inQ1of2024.AlthoughcurrentadoptionofAIagentsisrelativelylow,51%offirmsareexploring

theiruseand37%haveimplementedpilotagents.Respondentsciteddataquality,dataprivacyandcybersecurity,andmacroeconomicfactorsasthebiggestanticipatedchallengestotheir2025AIstrategies.91%of

organizationsplantorecruitnewboardmemberstohelpenableanorganizationalgenerativeAIstrategy.

BostonConsulting

Group

October2024

Only26%ofsurveyedcompanieshaveadoptedanAIstrategyand

advancedcapabilities.Overthepastthreeyears,thisgroup'srevenue

growthhasbeen50%greaterthanthesurveyaverage.OfthetotalvaluethatAIprovides,companiesreport62%ofitcomingfromapplicationsin

corebusinessfunctionsand38%comingfromsupportfunctions.CompanyanecdotesreportthatAIishavingaconsiderableimpactinR&Din

biopharma,medtech,andautomotives.

By2027,AIadoptionleadersexpecttoachieve45%morevalueviacostreductionand60%morevalueviarevenuegrowththanotherfirms.Top

citedchallengestoAIadoptionincludedifficultyestablishingandprioritizingusecaseswithcompellingreturns,difficultyintegratingwithexistingIT

systems,anddifficultyensuringsecurityandcompliance.

U.S.Chamberof

Commerce

September2024

40%ofsurveyedsmallbusinessesreportedusinggenerativeAIin2024,upfrom23%lastyear.ThemostprevalentAIapplicationswereinmarketing,developingcustomerinsights,andcustomerengagement.86%ofadoptersagreesthatAIhashelpedincreasebusinessefficiency.

60%ofrespondentsagreedthatAIwouldhelptheirbusinessesinthefuture.Comparedtolastyear,alargershareofnon-adoptersreportedlegaland

complianceissuesandlackofemployeetrainingasbarrierstoadoption.

VerizonBusiness

andMorning

Consult

September2024

AIadoptionamongsmalltomidsizebusinesses(SMBs)hasmorethan

doubledoverthepastyear,jumpingfrom14%in2023to39%in2024.AnincreasingnumberofSMBsareaddingorupgradingtechnologiesrelatedtoAIadoption.Specifically,3in5respondentsreportedimplementing

cybersecurityupgradesandrequiringcybersecuritymeasures/trainingforemployees.

Despitethehighreportedadoptionrates,63%ofSMBswereconcerned

aboutintegratingAIintotheirbusinesses.62%believedthatAIadoption

wouldopentheirbusinessesuptomorecybersecurityrisks.Respondents

whowerenotcurrentlyusingAIweremostlikelytosaythey'dconsiderusingitforfraudmanagement,marketingandsocialmedia,andcybersecurity.

Greenshadingindicatessurveysaddedsincethelastquarterlyupdate.

Source:GoldmanSachsGlobalInvestmentResearch

GoldmanSachsAIAdoptionTracker

8September202510

AI’sImpactontheLaborMarket

Exhibit14:TheImpactofAIExposureonBroadLaborMarketOutcomesinMostIndustriesRemainsSmallandStatisticallyInsigni?cant...

onexposureMarketOutcomesonAIExposureexposure

CoefficientRegressionsofIndustry-levelLaborCoefficienton

0.200.150.100.050.00-0.05-0.10

-0.15-0.20

Lessslack

Moreslack

JobGrowth

Avg.Weekly

HoursGrowth

RealAvg.

Hourly

Earnings

Growth

EstablishmentSurvey

LayoffRate

(inverted)

JobFinding

Rate

Unemp.Rate

(inverted)

HouseholdSurvey

0.200.150.100.050.00-0.05-0.10

-0.15-0.20

Formoredetailsonregressionmethodology,pleasesee“GlobalEconomicsComment:AIProductivityandLaborMarketImpactsAreStillSmall(ForNow)”(March14,2025).Averagecoef?cientoverthepast12monthsisshowninthechart.

Source:GoldmanSachsGlobalInvestmentResearch

Exhibit15:...AlthoughPayrollsGrowthContinuestoUnderperforminOccupationsWhereAnecdotesSuggestAIisHavinganImpact

Source:USBureauofLaborStatistics,HaverAnalytics,GoldmanSachsGlobalInvestmentResearch

GoldmanSachsAIAdoptionTracker

8September202511

Exhibit16:Tech’sEmploymentShareHasDeclinedBelowTrend

Source:USBureauofLaborStatistics,HaverAnalytics,GoldmanSachsGlobalInvestmentResearch

Exhibit17:TheUnemploymentRateforWorkersinAI-ExposedJobsRemainsSimilartoThatofLess-ExposedWorkers

Source:CensusBureau,IPUMS,GoldmanSachsGlobalInvestmentResearch

GoldmanSachsAIAdoptionTracker

8September202512

Exhibit18:AIJobIntensityContinuedRisingOverthePastQuarterandCurrentlyStandsat28%ofAllITJobPostings

Source:UniversityofMaryland,LinkUp,GoldmanSachsGlobalInvestmentResearch

Exhibit19:SinceOurLastQuarterlyUpdate,AIWasMentionedinCorporateLayoffsAffecting10,375Employees

ThousandsLayoffsAttributedtoFactorinCorporateAnnouncements:Thousands

16

14

12

10

8

6

4

2

0

"TechnologicalChange""ArtificialIntelligence"

Total(May2023-Aug2025):

42,589

05060708091011120102030405060708091011120102030405060708202320242025

16

14

12

10

8

6

4

2

0

Source:Challenger,Gray&Christmas,GoldmanSachsGlobalInvestmentResearch

GoldmanSachsAIAdoptionTracker

8September202513

AI’sImpactonLaborProductivity

Exhibit20:EvidenceFromAcademicStudiesandCompanyAnecdotesSuggestsAIAdoptionBoostsLaborProductivitybyAround27-31%onAverage

EffectofGenerativeAIAdoptiononLaborProductivity:Estimates

PercentAcademicStudiesPercent

70

60

50

40

30

20

10

0

Pengetal.(2023)

Gambacortaetal.(2024)

Weintraubetal.(2025)

Abramoff(2023)

NoyZhang(2023)

Cambonetal.(2023)

Edelmanetal.(2023)

Cuietal.(2024)

ChenWang(2025)

Langetal.(2023)

Korinek(2023)

Brynjolfssonetal.(2023)

Dell'Acquaetal.(2023)

Pengetal.(2023)

Vaithilingametal.(2022)

Median:26%

Average:27%

0

70

60

50

40

30

20

10

0

PercentCompanyAnecdotesPercent

70

60

50

40

30

20

10

0

Autodesk

UCSanDiego

Adobe

Deloitte

Tencent

NessDigital

AllyFinancial

PwC

Block

Twilio

Paypal

Workday

SAP

Citizen'sBank

BankofAmerica

OctopusEnergy

Ernst&Young

Klarna

Anthropic/

Planview

Median:30%

Average:31%

70

60

50

40

30

20

10

0

Source:GoldmanSachsGlobalInvestmentResearch

LatestGSResearchonArti?cialIntelligence

nUSEquityViews:AIandUSequities:ThepathforwardfortheAItrade,September4

nGlobalEconomicsAnalyst:QuantifyingtheRisksofAI-RelatedJobDisplacement,July25

nAmericasEmergingSoftware:GenerativeAIPartXI:AgenticAIexpandstheAppSoftwareTAM,June16

nForresearchfrompriorquarters,seetheArti?cialIntelligencepageonourpublishingportal.

GoldmanSachsAIAdoptionTracker

8September202514

DisclosureAppendix

RegAC

We,JanHatzius,JosephBriggs,SarahDongandMeganPeters,herebycertifythatalloftheviewsexpressedinthisreportaccuratelyre?ectourpersonalviews,whichhavenotbeenin?uencedbyconsiderationsofthe?rm’sbusinessorclientrelationships.

Unlessotherwisestated,theindividualslistedonthecoverpageofthisreportareanalystsinGoldmanSachs’GlobalInvestmentResearchdivision.

Disclosures

Regulatorydisclosures

DisclosuresrequiredbyUnitedStateslawsandregulations

Seecompany-speci?cregulatorydisclosuresaboveforanyofthefollowingdisclosuresrequiredastocompaniesreferredtointhisreport:managerorco-managerinapendingtransaction;1%orotherownership;compensationforcertainservices;typesofclientrelationships;managed/co-managedpublicofferingsinpriorperiods;directorships;forequitysecurities,marketmakingand/orspecialistrole.GoldmanSachstradesormaytradeasa

principalindebtsecurities(orinrelatedderivatives)ofissuersdiscussedinthisreport.

Thefollowingareadditionalrequireddisclosures:Ownershipandmaterialcon?ictsofinterest:GoldmanSachspolicyprohibitsitsanalysts,professionalsreportingtoanalystsandmembersoftheirhouseholdsfromowningsecuritiesofanycompanyintheanalyst’sareaofcoverage.

Analystcompensation:Analystsarepaidinpartbasedonthepro?tabilityofGoldmanSachs,whichincludesinvestmentbankingrevenues.Analyst

asof?cerordirector:GoldmanSachspolicygenerallyprohibitsitsanalysts,personsreportingtoanaly