Goldman Sachs Breaks Up TMT to Chase the AI Infrastructure Boom

Goldman Sachs has redrawn the map of its Technology, Media and Telecom investment banking division, creating two new groups that reflect how artificial intelligence is reshaping capital flows across the technology sector. The firm confirmed the move in an internal memo, first reported by Reuters, saying it aims to “enhance our coverage model to serve our clients’ ambitions and objectives”.

The reorganization establishes Global Infrastructure Technology, led by Yasmine Coupal and Jason Tofsky, and Global Internet and Media, led by Brandon Watkins and Alekhya Uppalapati. Within the new infrastructure group, Kyle Jessen will run infrastructure technology M&A and retain oversight of semiconductors. It is the most significant reshaping of Goldman’s TMT franchise in years and follows a period in which AI-driven investment has overridden the boundaries that once separated telecom networks, hardware, cloud platforms, and large internet businesses.

Goldman’s shift did not happen in isolation. Over the past year, the firm’s research, public commentary, and internal restructuring signaled pressure to realign around the technology stack that underpins generative AI.

AI Has Erased the Old TMT Boundaries

Goldman’s own research illustrates why the old TMT structure was no longer useful. In 2025, its analysts projected that global data center power demand will rise 50% by 2027 and as much as 165% by 2030, driven by generative AI workloads. The firm’s AI and Data Centers briefing outlines a rapid expansion of infrastructure spending, from cloud platforms and power-intensive compute clusters to the fiber and network capacity that support them.