Goldman Sachs research indicates that artificial intelligence constraints are shifting away from semiconductors.
The bank states that developing more powerful "agentic AI" systems shifts key bottlenecks to physical and structural factors.
Power and infrastructure chokepoints now limit the next phase of AI expansion.
Specific limitations include strained data center capacity and insufficient electricity supply.
The sector also faces a shortage of skilled grid workers and extended wait times for high-voltage transformers.
These challenges suggest a potential shift in investment focus toward companies solving these foundational issues.