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  1. Goldman Sachs1 min

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

    Amanda Lynam

    Hyperscalers have issued $194 billion in debt this year, with direct supply projections reaching $250 billion by 2026 to offset monetization delays that are pushing debt financing to roughly 33% of capital expenditures. As supply peaks in 2027, converging capital spending and operating cash flows will further elevate debt reliance to 35% of CapEx, signaling a structural shift where debt markets are anticipated to play a significantly larger role in financing future industry investments.