AI-Related Signals From Corporate Credit Commentary

Research evidence excerpt

AI-Related Signals From Corporate Credit Commentary

Credit Strategy Research

29 June 2026 | 9:00AM BST

THE CREDIT LINE

AI-related mentions converge across US and European firms, led by productivity Sara Grut

+44(20)7774-8622 | sara.grut@gs.com

gains Goldman Sachs International

Amanda Lynam, CPA

Our colleagues across Global Investment Research have done extensive work on the +1(212)934-1895 |

amanda.lynam@gs.com

topics of AI-related adoption, productivity, and labor-market effects at the macro Goldman Sachs & Co. LLC

level. In this Credit Line, we use this as a backdrop to assess how the USD and EUR Arun Manohar

corporate credit universe is investing in—and adopting—this technology. Our review +1(212)902-8763arun.manohar@gs.com|

of earnings call transcripts and filings across a large subset of non-financial, IG-rated Goldman Sachs & Co. LLC

firms indicates AI-related references have risen materially across both regions, with Spencer+1(801)884-1104Rogers,| CFA

AI mentions by European firms converging toward US levels more recently. The spencer.rogers@gs.comGoldman Sachs & Co. LLC

narrative remains largely ‘productivity first’. Shamshad Ali

+1(212)902-6712 |

On a sector basis, Healthcare/BioPharma and Utilities are the clearest examples of shamshad.ali@gs.comGoldman Sachs & Co. LLC

where AI is framed around productivity in both regions. By contrast, Real Estate, Ben Shumway

Communication Services, and especially Software, are increasingly attracting analyst +1(801)578-2553 | ben.shumway@gs.com

questions around AI disruption. That said, we find that the approach to software Goldman Sachs & Co. LLC

investment (i.e., building in-house capabilities or relying on vendors) remains Neth Karunamuni

+1(212)934-0799 |

nuanced across industries. neth.karunamuni@gs.com