Goldman Sachs this week released a series of research reports indicating that about half of the S&P 500's earnings growth is currently driven by AI capital expenditures, which are increasingly being sustained by bond financing rather than internal operating cash flow. Goldman Sachs credit strategists expect hyperscale tech companies to cover approximately 35% of their capital expenditures with debt by 2027, amounting to about $400 billion.

Meanwhile, positioning tracking data from Goldman Sachs derivatives strategist Robert Quinn shows that during last week's 7.1% surge in Nasdaq, non-dealer investors collectively sold a record $21.6 billion in Nasdaq futures, with hedge funds selling $11.9 billion and asset managers selling $7.4 billion, indicating that institutional money completed a historic exit amidst market frenzy. Goldman Sachs Chief Market Strategist Tony Pasquariello believes that the earnings growth driven by AI capital expenditures is unsustainable given its scale and reliance on external financing. Furthermore, Goldman Sachs economists point out that the recent growth rate of AI-related exports has slowed, and credit markets have begun to demand higher premiums for AI-related issuers.