Goldman Sachs' report analyzes the 2025 outlook for US capital expenditures (capex), predicting a rebound to over 5% growth. Near-term headwinds include declining aircraft investment and the plateauing of factory construction spurred by government subsidies. However, these are offset by anticipated growth in AI-related spending, lower interest rates, and positive post-election policy changes. The net effect of these factors is a slightly positive outlook for 2025 capex, following a flat Q4 2024. The report incorporates data from various sources and employs economic models to support its projections.