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Conference Presentation, Statement

Goldman Sachs' Amanda Lynam on why the debt markets will play a larger role in the AI buildout

Goldman SachsAmanda Lynam
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  • Approximately one-third of capital expenditures are projected to be debt-financed in 2026, rising to 35% in 2027.
  • Direct supply from hyperscalers is anticipated to reach roughly $250 billion in 2026, with a supply peak expected in 2027.
  • A monetization delay between hyperscaler investment and revenue recognition is projected to range from three months to two years.
  • Capital expenditures and operating cash flow are converging toward similar levels, coinciding with reduced excess liquidity compared to previous years.
  • The company anticipates debt markets will assume a significantly larger role in financing hyperscaler investments.