As the third anniversary of ChatGPT's launch quickly approaches, Nvidia's market value has surged more than tenfold, leaving institutional investors pondering whether the AI data-center buildout nationwide is merely hype or if there is actually substance.

Hyperscalers have poured hundreds of billions of dollars into AI infrastructure, capital expenditures that will soon need to demonstrate clear returns; failure to do so risks undermining the lofty valuations for the so-called Magnificent Seven stocks.

On Monday, Goldman chief economist Jan Hatzius published a note with new insights into the bank's quarterly AI adoption tracker through September. The report indicates that while AI investment continues to accelerate, adoption rates at large firms are starting to slow down.