Amanda Lynam, Chief Credit Strategist in Global Investment Research, Goldman Sachs

Massive hyperscaler debt issuance (~$400bn forecast for 2027) is being absorbed without crowding out other borrowers or meaningfully widening credit spreads.

• $6 trillion CapEx wave: Goldman estimates hyperscaler CapEx from 2026-2030 tops $6 trillion, but hyperscalers are only 40% of total AI-related gross debt issuance.
• Issuance accelerating fast: Hyperscalers issued $108bn of global IG debt in 2025, $229bn by mid-September 2026; Goldman forecasts $250bn for 2026 and $400bn (up 60%) in 2027, plus $300bn in separate data-center/chip financing.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.