AI-related financing: A mix of markets will be required

Research evidence excerpt

AI-related financing: A mix of markets will be required

Credit Strategy Research

9 July 2026 | 7:13PM EDT

GLOBAL CREDIT TRADER

n The elevated pace of Technology sector debt issuance has pushed YTD 2026 USD Amanda Lynam, CPA

+1(212)934-1895 |

IG gross supply to $1.37 trillion—well above the pace of the past few years and amanda.lynam@gs.com

Goldman Sachs & Co. LLC

bolstered by an especially active June (and start to July). This leaves the risks to

Spencer Rogers, CFA

our full-year 2026 USD IG gross supply forecast of $2.1 trillion firmly skewed to +1(801)884-1104 |

spencer.rogers@gs.com

the upside—especially if an (eventual) summer slowdown does not materialize. Goldman Sachs & Co. LLC

Sara Grut

n Our equity research colleagues expect the five hyperscalers to invest a combined +44(20)7774-8622 | sara.grut@gs.com

Goldman Sachs International

$5.8 trillion in AI capex over FY2025-FY2030, and this year’s consensus capex

Shamshad Ali

estimates already account for the majority of hyperscalers’ operating cash flow, +1(212)902-6712 |

shamshad.ali@gs.com

making debt financing a critical component. These figures likely also understate Goldman Sachs & Co. LLC

the broader AI-related spending and investment across a range of other sectors,

which may require incremental debt borrowing.

n Many market participants point to the USD IG corporate bond market’s size and

depth, expecting it to absorb the lion’s share of the AI-related debt financing.

That said, this approach would push hyperscalers’ USD IG index weights well

above the current market conventions.

n As we first outlined in April, we view the US Banks as a ‘case study’ to frame a

potential ‘upper bound’ for hyperscalers’ debt issuance. A simple exercise which