Goldman Sachs' latest estimates, as reported by Wall Street News, indicate that hyperscale cloud giants' capital expenditure will reach $1.2 trillion by 2027, while operating cash flow for the same period will only be $1.1 trillion. At least 35% (over $400 billion) of construction expenditure will be forced to rely on debt financing. Goldman Sachs warns that tightening credit and rising capital costs pose a risk of delays in hashrate infrastructure construction, and the semiconductor supply chain may face a cliff-edge decline in orders between 2027 and 2028. Previously, CoreWeave, a key hashrate leasing target, plummeted over 15% on October 14, with its five-year credit default swap (CDS) jumping to 881 basis points, implying a default probability exceeding 50% within five years. Broadcom CEO Hock Tan and Intel CEO Patrick Gelsinger have both stated that capital is the industry's biggest constraint.