The Goldman Sachs Group, Inc., a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals in the Americas, Europe, the Middle East, Africa, and Asia. It operates through three segments: Global Banking & Markets, Asset & Wealth Management, and Platform Solutions. The Global Banking & Markets segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; equity and debt underwriting of public offerings and private placements; relationship lending and acquisition financing; secured lending through structured credit and asset-backed lending, such as warehouse, residential and commercial mortgage, corporate, consumer, auto, and student loans; financing through securities purchased under agreements to resell; and commodity financing through structured transactions. This segment also offers client execution activities for cash and derivative instruments; credit and interest rate products; and provision of mortgages, currencies, commodities, and equities related products. Its Asset & Wealth Management segment manages assets across various classes, including equity, fixed income, hedge funds, credit funds, private equity, real estate, currencies, commodities, and asset allocation strategies; and provides customized investment advisory solutions, wealth advisory services, personalized financial planning, and private banking services, as well as invests in corporate equity, credit, real estate, and infrastructure assets. The Platform Solutions segment offers credit cards; and transaction banking and other services, such as deposit-taking, payment solutions, and other cash management services for corporate and institutional clients. The Goldman Sachs Group, Inc. was founded in 1869 and is headquartered in New York, New York.
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Artificial Intelligence▲
Goldman Sachs and Intel Back AI Video Startup Higgsfield at $5.4B Valuation
Goldman Sachs and Intel have both invested in AI video startup Higgsfield, which raised $400 million at a $5.4 billion valuation, as reported by the Financial Times on August 17. The two-year-old company, which focuses on AI-generated marketing videos, has seen its annualized revenue surge to $700 million in August from $20 million a year earlier, with business revenue now making up the majority of sales. Goldman Sachs invested through its Equity Growth fund, while Intel's backing is part of its broader AI strategy beyond hardware. However, the investment carries risks, as the technology has unsettled parts of Hollywood over its impact on creative jobs.
Nvidia Partners with Six Firms to Raise $500 Billion for AI Chips
Nvidia has announced partnerships with Apollo, Blackstone, BlackRock, Brookfield, Goldman Sachs, and KKR to launch compute financing platforms aimed at raising over $500 billion for AI infrastructure, with CEO Jensen Huang saying Nvidia could backstop up to $125 billion, or 25%, of potential deals. Blackstone President Jon Gray said on CNBC that AI compute will be seen as a financeable asset class, similar to how mortgage lenders assess homes. The move comes amid rising skepticism about AI spending, and Nvidia shares fell after the deal was first reported, erasing more than $70 billion in market value. Blackstone, one of six partners, has seen AI compute demand across its portfolio companies surge sevenfold this year and has prior experience financing AI infrastructure for companies like Anthropic. BlackRock CEO Larry Fink compared this moment to the creation of mortgage-backed investments in the 1970s, but commentators have flagged circular financing concerns, and Moody's has warned that heavy capex is squeezing free cash flow and pushing tech giants toward more debt.
Wall Street is eagerly anticipating Nvidia Corp.'s earnings on Wednesday afternoon, not so much for the numbers but for what they signal about the AI trade and the broader market. Nvidia, the world's most valuable company with a market cap over $5 trillion, is up 14% in 2026, a far cry from its past performance, and its shares have been volatile, recently ending a seven-day losing streak that matched the longest since 2019. Investors are focused on CEO Jensen Huang's comments about capital spending by big customers, future demand, and new financing deals, including a $500 billion partnership with Goldman Sachs, BlackRock, and Apollo for AI infrastructure, and a $105 billion commitment to an Ohio data center campus leased by OpenAI. Analysts expect revenue to nearly double from a year ago, but the market is more concerned about the circularity of financing and whether Nvidia's own investments are driving demand. The options market is pricing a roughly 5% swing in either direction, and the stock is near its cheapest valuation since late 2018, trading at about 19 times forward earnings.
SEC subpoenas banks over Situational Awareness hedge fund collapse
The Securities and Exchange Commission has sent subpoenas to major Wall Street banks seeking information about their dealings with Situational Awareness, the AI-focused hedge fund that nearly collapsed in late July. The subpoenas requested details on when the fund executed trades and how it communicated with lenders about borrowed capital, and banks were told to retain all records concerning the fund. Goldman Sachs, JPMorgan Chase, Citigroup, and Bank of America were named in the inquiry, according to a regulatory filing cited by The New York Times. Situational Awareness has not been accused of wrongdoing, and the SEC declined to comment, noting any investigation is at its earliest stages. The fund, founded two years ago by former OpenAI researcher Leopold Aschenbrenner, commanded roughly $45 billion at its July high point with up to 400% leverage before losing approximately $35 billion in assets after margin calls forced a distressed sale of its publicly traded holdings.
Bessent confirms plan to proceed with bond auctions as scheduled
US Treasury Secretary Scott Bessent confirmed that the Treasury will proceed with bond auctions as originally planned, avoiding any additional signals about changes to debt management strategy, following reports that it may draw funds from the Treasury General Account, or TGA, to buy back older bonds with high yields. Bessent told reporters that the Treasury has not bought a single bond and that no changes will be made before the next quarterly debt management announcement in early November. Earlier, CNBC reported, citing senior Treasury sources, that the department may use funds from the TGA, which had a balance of 935 billion dollars as of August 20, to buy back bonds instead of issuing additional short-term Treasury bills. Last week, the Treasury announced an expansion of its buyback program for 10- to 20-year and 20- to 30-year bonds from 2 billion dollars to 4 billion dollars per operation between September 9 and November 4, after the 30-year bond yield surged to 5.34 percent, its highest level in nearly 20 years. Analysts at Morgan Stanley estimate that the Treasury may have surplus cash of around 80 billion to 200 billion dollars available to increase bond buybacks, while Goldman Sachs, Wells Fargo, and other financial institutions view the measure as likely to ease pressure on yields only modestly, with new macroeconomic factors needed to help push bond yields lower.
Goldman Sachs says the only sustainable way to lower US yields is slowing inflation
Goldman Sachs warns that the US Treasury's bond buyback program is only a short-term first-aid measure, and the only sustainable way to push down the 30-year US Treasury yield, which has surged to 5.25 percent, the highest since 2007, is continued signs of slowing inflation. Strategist Friedrich Schaper says the root of the problem is not liquidity, but investors' structural concerns about record-high public debt burdens, the risk of accelerating inflation, and competition for capital from corporate bond issuance. If inflation eases, it would reduce worries about purchasing power and open the door for the Fed to end rate hikes or cut rates in the future, which would directly support the bond market. Recent data favorable to the bond market include weaker-than-expected US retail sales, slowing employment figures, and July core inflation that was not as hot as feared.
Goldman Sachs partner warns AI risks banker skills
Goldman Sachs partner Chris Churchman warned Monday that the spread of AI across Wall Street risks degrading the analytical abilities of the next generation of bankers. Churchman, who leads the bank's digital platform for institutional clients and co-chairs its Global Banking and Markets AI working group, said on Goldman's Exchanges podcast that outsourcing reasoning to models could cause cognitive atrophy and stop people from reasoning from first principles. He compared the dynamic to how GPS and search engines hollowed out skills once built through practice, arguing that automating tasks like junior traders working through client pricing requests could mean senior traders never fully develop their own understanding. Churchman said Goldman has not yet determined how it will manage that transition, and that employees should make the final call on consequential decisions rather than simply ratify automated recommendations. He also said the steepest technical obstacle for bringing AI to the Marquee platform is getting outputs to be consistently correct and traceable, because the margin for error in finance is far narrower than what consumer chatbot users accept.
Goldman Sachs says gold could top $4,900 by year-end
Goldman Sachs said in a report dated the 21st that surging demand for gold options betting on higher prices could further accelerate the rally and push gold above its year-end forecast of $4,900 an ounce. It said a further recovery in demand from Western investors, combined with continued solid central bank buying, could lift spot gold toward key option strike levels, where dealer hedging could mechanically amplify price moves. The bank attributed gold's climb toward $4,600 an ounce to fading expectations for a September rate hike after the Federal Reserve held policy rates steady in July and employment and inflation data softened. That has revived speculative positioning on the New York Mercantile Exchange and boosted demand for exchange-traded funds, it said. At the same time, Goldman warned that if Fed rate-hike expectations strengthen again, dealers could unwind hedge positions and trigger a sharper-than-usual correction.
Global gold hits 3-month high; Thai gold opens steady at 71,950 baht
Global gold prices surged to their highest level in more than three months and are heading for a third consecutive weekly gain, supported by a weaker dollar and bullish technical signals. Meanwhile, domestic gold prices opened unchanged today, with gold ornaments selling at 71,950 baht per baht-weight and gold bars selling at 71,150 baht per baht-weight. Spot gold rose 2.3% to 4,619.57 dollars per ounce, while U.S. gold futures rose 2.4% to 4,680.60 dollars. Gold has already gained about 5% this week. Analysts at TD Securities said the next target is 4,700 dollars if momentum continues, while Goldman Sachs noted that demand for gold call options has increased significantly amid demand for hedging tools against global macroeconomic policy.
US boosts long-term bond buybacks to push yields lower after Hormuz crisis
The US Treasury announced it will more than double the size of its buybacks of 10-year to 30-year government bonds, from 2 billion dollars to 4 billion dollars per operation, in an effort to pull down yields that had surged because of tensions in the Strait of Hormuz. The program will run from September 9 to November 4, 2026. After the announcement, US stocks recovered, with the Dow Jones and S&P 500 jumping while the Nasdaq was slightly lower. The 30-year bond yield eased to 5.196 percent after touching its highest level since June 2007, while the 10-year yield stood at about 4.647 percent. The move came amid concerns that the Fed could raise interest rates, after minutes from the July 2026 FOMC meeting showed three members supported a quarter-point rate increase. Goldman Sachs, however, said a Fed rate hike in this cycle is highly unlikely and expects rate cuts to be delayed until 2027.
JPMorgan Q2 Trading Revenues Surge 35% on Equity Strength
JPMorgan's trading business delivered a standout second-quarter 2026 performance, with Markets revenues jumping 35% year over year. Equity Markets revenues surged 86% to $6 billion, while Fixed Income Markets revenues rose 6% to $6.1 billion. The strength helped Commercial & Investment Bank revenues rise 27% and the division generate a 22% return on equity. Management cautioned that the quarter benefited from a particularly favorable environment, suggesting growth may moderate. Peers Morgan Stanley and Goldman Sachs also posted strong trading results, with equity revenues up 69% and 72% respectively.
Goldman Sachs expands into India's government share sale market
Goldman Sachs is expanding into the Indian government's share sale market, an area traditionally dominated by local finance giants, according to Bloomberg News. The New York-based bank has served as an adviser for five of the 10 major transactions since the latest divestments started in December last year, including the Life Insurance Corp. of India's $3.3 billion secondary offering through a stock exchange. Goldman Sachs is said to be behind only Kotak Mahindra Bank in initial and second offerings so far in 2026, having surpassed Axis Bank and ICICI Bank. Citigroup and BNP Paribas have also been part of the market, and the Indian government is reportedly targeting raising 800 billion rupees for the financial year ending March 2027.
AI Bubble Risk Shifted to Insurers and Taxpayers, Analyst Warns
Scott Ortkiese, CEO and President of Faulkner Capital Holdings, argues that the risk of an AI bubble has already been shifted away from venture investors and chip buyers into private credit, life-insurance reserves, and state guaranty funds. He points to NVIDIA's August 10, 2026 memoranda of understanding with Apollo Global Management, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR to mobilize more than $500 billion of third-party capital for AI compute infrastructure, with NVIDIA potentially backstopping as much as $125 billion. Ortkiese contends that private credit, which he estimates exceeded $1.8 trillion by 2024 and could reach $3 trillion by 2028, lacks bank-level regulatory capital and relies on discretionary marks. He highlights that private equity-owned life insurers hold closer to 50% of portfolios in alternatives, often including loans originated by the parent asset manager, creating a closed loop that finances data-center SPVs and neoclouds like CoreWeave and Lambda. If end-user revenue fails to service debt, he warns, defaults could force impairments at private credit funds and pressure insurer balance sheets, potentially triggering state guaranty association assessments that ultimately socialize losses through premium-tax credits in 44 states.
CVC deepens insurance bet with Standard Life partnership
CVC Capital Partners is co-leading a consortium of institutional investors committing capital to Standard Life's UK pension risk transfer business. CVC will commit £400 million, or $545.8 million, to the partnership, to be drawn over multiple years, as part of a consortium led by CVC and Prudential Financial, alongside Goldman Sachs and MS&AD. Together with £500 million from Standard Life, the consortium will fund up to £2 billion in total. Under the deal, CVC will provide Standard Life's PRT business with access to private market investment opportunities, including asset-backed lending, structured credit, real estate credit, infra credit, direct lending, opportunistic and liquid credit, as the firm eyes the £1.2 trillion of defined benefit pension liabilities yet to transfer to insurers. Standard Life will retain majority control of the venture, holding 51% of voting rights, with CVC and the consortium providing capital and asset origination. The partnership is expected to close in the first half of 2027, subject to regulatory approval.
AI investment gains drive S&P 500 second-quarter earnings surge
S&P 500 companies are wrapping up a banner quarterly earnings season, with aggregate second-quarter earnings on track for a 52% surge from a year earlier, fueled in large part by surging profits at AI-related companies. The technology sector posted a 74% profit jump, and the figures include big mark-to-market boosts at Alphabet and Amazon, both of which recognized large gains on investments in AI highfliers such as Anthropic. Amazon's second-quarter 2026 net income included non-operating pre-tax other income of $53.4 billion, primarily from its investments in Anthropic, while Alphabet's results included a $77.1 billion unrealized gain on equity securities. Excluding those gains, the latest estimate for S&P 500 second-quarter profit growth would be 33%, according to Tajinder Dhillon, head of earnings research at LSEG, still the strongest quarter since 2021. Goldman Sachs strategists said this month that AI infrastructure stocks account for roughly a third of S&P 500 earnings per share growth for the second quarter, and seven of the 11 major S&P 500 sectors have at least double-digit year-over-year earnings gains, with estimated energy growth now at about 143%.
Goldman Sachs has agreed to acquire LCN Capital Partners, a specialist in sale-leaseback, build-to-suit and triple-net-lease investments, extending its push to scale Asset & Wealth Management and durable revenues. The deal adds roughly $3 billion in assets under supervision to Goldman's more than $4 trillion firmwide total, and follows prior moves including partnerships with T. Rowe Price and acquisitions of Industry Ventures, Innovator Capital Management, and NEOS Investments. Goldman has doubled its more durable revenues since 2020 while reducing historical principal investments by more than 90%, from roughly $64 billion to $6 billion, and its AWM segment rose 15% year over year in the first six months of 2026. The acquisition underscores Goldman's focus on capital-light, fee-generating businesses to reduce earnings volatility.
Goldman Sachs Says AI Is Starting to Pressure Labor Markets, with New Graduates Most at Risk
Goldman Sachs has released its latest research showing that artificial intelligence is beginning to have a clear impact on labor markets in developed countries, with entry-level workers facing the greatest pressure. Since the second half of 2022, industries at high risk of AI replacing human work have seen slower growth in job openings than other industries, particularly in Germany, Australia, and the United States. Call center businesses have been hit hardest, with US employment 39% below its long-term trend, Canada 33% below, and Germany 27% below. Software businesses, management consulting, and advertising services have also fallen significantly below historical trends in several countries. Goldman Sachs analyzed employment growth across more than 800 occupations and found that AI pressure is most severe among entry-level workers. Occupations with a 10% increase in AI exposure are associated with a decline in annual employee growth of only about 0.1 percentage point in France, Canada, and the United States, but for entry-level workers the impact is much larger, at more than 0.6 percentage point in Australia and more than 0.2 percentage point in the United States. Goldman Sachs concluded that AI pressure on hiring is already evident in labor market data worldwide, but it remains concentrated in certain industries and certain groups of workers rather than causing a broad-based reduction in employment across the entire economy.
Anthropic targets $10B+ credit facility ahead of planned public debut
Anthropic is reportedly preparing to expand its revolving credit facility beyond an initial $10 billion target as the artificial intelligence developer sets the stage for a highly anticipated initial public offering. The proposed expansion has attracted a flurry of major financial institutions eager to secure substantial lending commitments, a move widely viewed as a strategic maneuver to bolster their pitches for lucrative underwriting roles, according to a report from Bloomberg News. Under the framework currently being discussed, Anthropic has asked the lead banks on the credit line to commit approximately $1.25 billion each, while secondary participants are being encouraged to offer around $1 billion. Smaller lending allocations of $750 million or less are expected for less active syndicate members, though the final size of the revolver remains fluid and could ultimately be capped at or below the original target. A credit line exceeding $10 billion would represent a massive escalation in liquidity for Anthropic, dramatically eclipsing the $2.5 billion five-year facility the company secured just last year.
NVIDIA's $500 Billion AI Bet Called a Digital Infrastructure Bill
Earn Your Leisure hosts Rashad Bilal and Troy Millings framed NVIDIA's $500 billion AI investment partnership with Apollo, Blackstone, BlackRock, Brookfield, Goldman Sachs and KKR as 'almost like a digital infrastructure bill,' signaling private capital now backs AI buildout. Jensen Huang cited $1 trillion in Blackwell and Rubin revenue visibility through 2027, and he projected AI infrastructure spending at $3 to $4 trillion annually by decade's end. NVDA carries 58 Buy ratings and an 85% Polymarket probability of a new all-time high, but 27 recent insider transactions trend toward net selling.
Anthropic revenue run rate hits $65 billion ahead of IPO
Anthropic's annualized revenue run rate topped $65 billion as of late July, a more than sevenfold jump since the close of 2025, according to Bloomberg. The Claude maker also disclosed preliminary second-quarter revenue exceeding $11.5 billion, up sharply from $787 million a year earlier, and reported positive adjusted operating income for the quarter. Anthropic has filed confidentially for an initial public offering and is working with Morgan Stanley, Goldman Sachs Group and JPMorgan Chase on the listing, according to CNBC, and could begin trading as early as this fall, ahead of OpenAI. The revenue figures support Anthropic's $965 billion valuation reached after a funding round in May, and on the basis of each company's most recently disclosed figures, Anthropic now leads OpenAI, whose run rate stood at $40 billion, according to Axios. The growth comes despite disruptions including a Pentagon supply-chain risk designation in June and a temporary takedown of two models over a government export control directive.
Goldman Sachs and Talcott Launch $1 Billion Reinsurance Sidecar
Goldman Sachs Group and Talcott Financial Group have partnered to launch West Grove Re, a Bermuda-based US$1 billion reinsurance sidecar. Goldman Sachs Asset & Wealth Management will act as investment manager for West Grove Re, focusing on private asset strategies. The vehicle is intended to provide capital efficient solutions for insurance liabilities and to expand Goldman Sachs exposure to insurance and reinsurance markets. West Grove Re gives Goldman Sachs another way to link its Asset & Wealth Management arm with long dated insurance liabilities, deepening fee based relationships with institutional clients.
Goldman Sachs CEO Voices Deep Belief in Nvidia's $500 Billion AI Financing Plan
Goldman Sachs CEO David Solomon expressed strong confidence in Nvidia while discussing the $500 billion AI infrastructure financing plan on CNBC's Closing Bell Overtime. Solomon said Goldman has a deep belief and a lot of confidence in Nvidia, and he framed the bank's role around raising capital and building distribution for the AI buildout. Nvidia CEO Jensen Huang called the arrangement a phase shift in how people think about computing, moving it from a product businesses buy to genuine infrastructure they invest in. None of the $500 billion is Nvidia's own money; it is entirely third-party capital that Goldman and its partners have to raise, which means Nvidia gets a much bigger financing pool without taking on the balance sheet risk itself. A Reuters Breakingviews column compared the deal to auto loans, with computing power standing in as collateral and Nvidia effectively in the driver's seat while its Wall Street partners ride along.
SEC guidance removes risk rules from Nvidia $500B AI financing push
The SEC has issued guidance that removes key risk-retention requirements from certain data center debt structures, supporting Nvidia's push to mobilize $500 billion in third-party capital for AI data center construction. The SEC sided with law firm Latham Watkins, concluding that data center securitizations fall outside Dodd-Frank risk-retention rules because data centers, unlike mortgages, do not qualify as self-liquidating assets. Attorneys said the guidance, while only a staff opinion, would open the door to more flexible and capital-efficient data center financing and attract more securitizations. Nvidia last week announced partnerships with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR to assemble capital pools for AI compute hardware.
Shein Targets Up to $27 Billion Valuation in Hong Kong IPO
Shein Global Holdings Ltd. is targeting a valuation of $26 billion to $27 billion in its Hong Kong initial public offering, a sharp drop from its peak value. The fast-fashion retailer will seek to raise about $2 billion in the IPO, with existing shareholders potentially taking up as much as half of the deal, according to people familiar with the matter. Shein is planning to list around the end of the month, though deliberations are ongoing and details may change. The company, founded in China and now headquartered in Singapore, was valued at about $100 billion in 2022 but has seen its valuation plummet amid slowing growth, tariffs, and competition from PDD Holdings' Temu. Goldman Sachs, Morgan Stanley, and JPMorgan Chase are arranging the IPO.
Nvidia and KKR Unveil $500 Billion AI Data Center Financing Plan
Nvidia CEO Jensen Huang unveiled a $500 billion AI data center financing plan on August 10, standing alongside leaders from Goldman Sachs, BlackRock, Blackstone, KKR, Apollo, and Brookfield. The group says it will raise the funds, and potentially more, from outside investors to build new AI data centers. KKR's head of digital infrastructure, Waldemar Szlezak, described the shift as a revenue stream. Nvidia previously announced a plan to invest up to $100 billion in OpenAI for data centers needing 10 gigawatts of power, but that investment never fully materialized. No money has been raised yet, only memos of understanding between the firms.
Goldman Sachs says September Fed rate hike very unlikely
Goldman Sachs called a September Federal Reserve interest-rate increase very unlikely, arguing that market expectations for future rate increases remain too aggressive as inflation continues to ease. Chief economist Jan Hatzius made the call in a note published Sunday, citing sluggish retail sales, lackluster jobs numbers, and decelerating price pressures as grounds for skepticism that the Federal Open Market Committee would act at its Sept. 15-16 meeting. Hatzius wrote that Goldman's baseline forecasts point to further improvement in inflation rather than a renewed deterioration, and that market pricing for the funds rate is still too hawkish. CME FedWatch data put the odds of a 25-basis-point increase to the 3.75%–4% target range at around 30% heading into the September meeting, with market participants now pointing to January for the next hike after July inflation data came in lower than anticipated. Goldman also flagged that the U.S. Treasury yield curve is positioned to steepen, a move the bank attributed to cooling price pressures, diminishing rate-hike expectations, and mounting concerns over the fiscal outlook.
Goldman Sachs Says Fed Rate Hike Unlikely as Market Odds Fall
Goldman Sachs warned that markets are still too hawkish on Federal Reserve policy, pushing down odds of a rate hike this year. The bank said a September hike is very unlikely due to softer retail sales, a slowing labor market, and cooling inflation. Goldman expects the Fed to hold rates at 3.50%-3.75% through 2026, with cuts postponed to 2027. CME FedWatch shows a 30% chance of a September hike, while Polymarket gives 53% odds the Fed will not hike in 2026. Bitcoin rose over 1% to $63,503 as Treasury yields and the dollar slipped.
AI video startup Higgsfield hits $5.4B valuation with Goldman, Intel backing
AI video generator Higgsfield AI has raised $400 million at a $5.4 billion valuation, according to the Financial Times. Major backers include Goldman Sachs, Intel, DST Global, and Liberty Global, with other investors including Tribe Capital, Smash Capital, Fifth Wall, and NTT DOCOMO Ventures. The platform, which launched in 2025, reached $700 million in annualized revenue in August, up from $20 million about a year earlier. The valuation more than quadruples from the $1.3 billion set eight months ago, when the company raised $80 million. Competition in AI video generation is intensifying as foundational labs build advanced models while startups like Runway and Synthesia target applications for filmmakers, advertisers, and enterprises, though OpenAI announced the closure of its Sora video generation software in March 2026.
Nvidia becomes 'Federal Reserve of AI' via seller financing
Nvidia is taking on a new role as the lender of last resort for AI infrastructure by offering seller financing to its biggest clients, according to a discussion on the All-In podcast. Fund manager Gavin Baker of Atreides Management said Nvidia is becoming the central bank of AI, setting terms such as residual value guarantees and revenue shares while private capital from firms like Goldman, KKR, and Blackstone does the underwriting. The arrangement lets hyperscalers and neoclouds borrow to buy GPUs and repay lenders from rental or inference revenue, with Nvidia's guarantee on residual value after three to four years making GPUs financeable like aircraft. Baker said this is asset-backed lending against real cash flows, not circular financing, and compared it to mortgage-backed securities. He warned the thesis could break if an oversupply of compute emerges, similar to dark fiber after the dot-com bust, but said regulatory friction on data-center buildout reduces that risk.
Jim Cramer endorsed the emerging concept of compute bonds backed by NVIDIA data center hardware during CNBC's Mad Money on August 11. He explained that major financial institutions, including Goldman Sachs CEO David Solomon, are preparing to issue securitized debt instruments collateralized by data center equipment, drawing parallels to mortgage-backed and auto loan securities. Cramer argued that NVIDIA chips retain value far better than cars and predicted NVIDIA itself might initially purchase tens of millions of dollars of these bonds to demonstrate confidence. He called the invention a brilliant new asset class that could attract yield-hungry investors, while skeptics warn of technology obsolescence and potential collateral write-downs if AI demand cools.
Intel prices $20B stock offering; Super Micro, Workday surge
Intel priced an upsized $20 billion public stock offering this week, selling over 210 million shares at $95 each and expecting net proceeds of about $19.7 billion to fund AI-related growth opportunities. Super Micro Computer closed 19% higher on Wednesday after issuing fiscal first-quarter guidance well above Wall Street forecasts, while Lumentum rose 14% on strong fiscal fourth-quarter results and outlook. Workday jumped nearly 18% on Thursday after Reuters reported private equity firm Silver Lake is in talks to buy the software company, with Needham analysts estimating a potential takeover price of $240 to $250 per share. NVIDIA confirmed it is working with a consortium of lenders including Apollo Global Management, Blackstone, BlackRock, Brookfield, Goldman Sachs, and KKR to raise $500 billion for AI infrastructure, signing a memorandum of understanding to establish first-of-their-kind compute financing platforms at global scale. AMD filed a mixed shelf debt offering that could raise up to $5 billion in four tranches, and Argus upgraded Sandisk to Buy from Hold with a $1,600 price target.
Goldman Sachs profits from AI infrastructure financing boom
Goldman Sachs is emerging as a key financier of the artificial intelligence infrastructure boom, securing roles in major funding deals from Nvidia, Intel, and Alphabet. The bank is one of six institutions helping Nvidia raise $500 billion to fund AI compute infrastructure, and it served as a joint book-running manager for Intel's $20 billion stock offering and Alphabet's $85 billion stock sale. These deals generate fees through underwriting, management, and selling concessions, directly boosting Goldman's Equity Capital Markets and Global Banking & Markets divisions. Analysts note that while the AI financing wave offers lucrative opportunities, it also ties Goldman's stock performance to the semiconductor capital expenditure cycle, with potential volatility if AI sentiment cools.
Goldman Sachs raises 12-month target for European stocks
Goldman Sachs on the 14th raised its 12-month target for the STOXX Europe 600 Index to 695 from 660, citing solid corporate earnings and a resilient economy, and sees about 5.5% upside from current levels. The firm's strategists noted that European equities are cheaper than US stocks while offering relatively high shareholder returns through dividends and buybacks. According to LSEG IBES data, aggregate profit growth for STOXX Europe 600 companies in the April-June 2026 quarter is expected to rise 23.4% year on year, led by energy and materials companies, in what is expected to be one of the strongest earnings seasons in recent years. Goldman also raised its 12-month target for the UK's FTSE 100 Index to 11,400, implying about 5.8% upside from current levels.
Trump imposes drone tariffs, Goldman weighs Nvidia AI financing
President Trump announced tariffs on imported drones and components, with most measures taking effect in 21 days, including a 100% tariff on certain larger or national-security-sensitive drones and a 25% levy on smaller models. Goldman Sachs is discussing participation with potential investors in Nvidia's planned $500 billion AI infrastructure financing initiative, with U.S. insurers, asset managers, and banks expected to provide much of the capital. Apple has trained a large language model specifically for the China market with support from Alibaba, reflecting constraints on deploying generative AI in China. Google launched Gemini 3.7 Flash, a new AI model designed to improve coding and knowledge work, at half the original 3.6 Flash price per million tokens. U.S. Central Command announced Task Force Falcon Strike, its first multinational attack-drone task force, combining U.S. personnel with regional partners in the Middle East.
Goldman Sachs is acquiring ETF provider Neos in a $2.3 billion deal that includes a bitcoin income fund, while Tether reportedly bought more than 27 metric tons of gold in the first half of 2026, and bitcoin barely budged after July PPI data came in largely in line with expectations. The Neos acquisition gives Goldman more than $130 billion in ETF assets, including the BTCI bitcoin income fund with about $1.1 billion in assets, though Scott Melker noted its advertised 27% distribution rate came alongside a 42% loss over the past year. Tether's gold purchases brought its total holdings to 146 tons, with only China, Poland and Uzbekistan reportedly buying more among actual central banks, and Tether's buying was the same as Kazakhstan. Fidelity also filed to add staking to its roughly $900 million FETH Ethereum ETF, passing along 85% of gross staking rewards as monthly distributions. Wintermute plans a $1 billion push into traditional markets using AI, aiming for that business to generate more than half of revenue by the end of 2027, up from about 10% currently.
Goldman Sachs to Acquire NEOS Investments for Up to $2.25 Billion
Goldman Sachs has agreed to acquire NEOS Investments for up to $2.25 billion in cash and equity, subject to performance and service commitments. The deal adds $30 billion in assets across NEOS' 19 options-based income ETFs to Goldman Sachs Asset Management's existing $40 billion in income and outcome-oriented options-based ETF solutions, making it the eighth-largest active ETF provider. The transaction is expected to close in the first quarter of 2027, pending regulatory approvals. This follows Goldman's acquisition of Innovator Capital Management, and together the deals create a broad options-based ETF franchise spanning buffer, managed outcome and income strategies. As of June 30, 2026, Goldman Sachs Asset Management, Innovator from Goldman Sachs Asset Management and NEOS manage more than $130 billion in ETF assets under supervision.
Goldman Sachs to Acquire NEOS Investments for Up to $2.25 Billion
Goldman Sachs has agreed to acquire NEOS Investments, the asset manager behind the $1.1 billion Bitcoin High Income ETF, in a cash-and-stock transaction valuing the firm at as much as $2.25 billion. NEOS manages about $30 billion across 19 options-based ETFs, and the deal is expected to lift Goldman's active ETF assets to roughly $80 billion while its total ETF assets under supervision would exceed $130 billion. BTCI does not hold Bitcoin directly but invests in spot Bitcoin exchange-traded products and uses covered-call strategies to generate monthly income, putting Goldman and NEOS in competition with BlackRock's Bitcoin income-focused ETF. An HTX spokesperson said the acquisition marks the formal start of a phase focused on generating income from Bitcoin's volatility and embedding bitcoin into traditional asset allocation. The announcement comes as Bitcoin trades around $64,000 after a cooler-than-expected US producer price index reading, with Bitcoin ETFs attracting more than $850 million in inflows since the start of the third quarter.
Anthropic investors target $2 trillion IPO valuation in October
Anthropic investors expect the AI company to go public in October at a valuation of $2 trillion or more, which would make it the largest initial public offering in history, according to the Financial Times. Half a dozen of Anthropic's backers said the Claude maker's annualized revenue is expected to land between $100 billion and $120 billion before the year closes, more than tenfold growth compared with the $47 billion annualized revenue reported in May. The company last raised capital at a $965 billion post-money valuation, and senior executives had not fixed a valuation target even in private conversations. Anthropic filed paperwork with the Securities and Exchange Commission in June and entered a quiet period, with Morgan Stanley, Goldman Sachs, and JPMorgan leading the offering. Challenges include a top model priced more than 2.5 times higher than OpenAI's flagship, a temporary export control that slowed revenue growth in June, active litigation against the U.S. Department of Defense, and customers shifting toward lower-cost AI options.
Bank stocks are rallying as investors rotate out of high-flying artificial intelligence names and into financials. The KBW Bank Index has gained 18% this year, beating the S&P 500's 13% advance, and is on track to outperform the broader market for a third straight year, its longest streak since 2003. Analysts including Wells Fargo's Mike Mayo and Fundstrat's Mark Newton see further upside, citing banks' role in funding the AI buildout, a steepening Treasury curve, and strong second-quarter earnings. The index trades at 12.8 times earnings, below its long-term average, though its price-to-tangible-book ratio of 2.4 is the highest since early 2008. Investors added $3.4 billion to the State Street Financial Select Sector ETF in July, the most since 2024.
JPMorgan and about 40 firms complete live trades of tokenized securities
About 40 firms including JPMorgan Chase and Goldman Sachs conducted trades in a production environment in July using tokenized equities and U.S. Treasuries. The initiative was led by DTCC, which underpins U.S. securities settlement infrastructure, with participation from Invesco, Citadel Securities, and others. Over roughly four hours, they replicated day-to-day operations in real financial markets using tokenized assets, trading equities and U.S. Treasuries on a blockchain, as well as carrying out dozens of transactions including posting collateral, handling margin calls, and moving assets. DTCC plans to move from limited testing to ongoing use in October and to expand the range of eligible market participants.