Goldman Sachs predicts Big Tech will fund over a third of AI capex with debt in 2027

Analyst Impact 4
โดย Yahoo Finance·Read original
Summary · why it matters

Goldman Sachs forecasts that the largest hyperscalers will finance more than a third of their artificial-intelligence capital expenditures with debt in 2027. The five leading hyperscalers — Meta, Microsoft, Alphabet, Amazon, and Oracle — collectively reported $405 billion in capex in 2025, a figure expected to reach $750 billion by the end of 2026 and approach $1.2 trillion in 2027. Investment-grade bond issuance from these companies totaled $108 billion in 2025, or about 26% of capex, and is projected to hit roughly $250 billion in 2026, representing 33% of capex. In 2027, Goldman Sachs expects $400 billion in global investment-grade bond issuance against an estimated $1.14 trillion in capex, lifting the debt-funded share to roughly 35%. The strategists note that the hyperscalers retain extraordinary debt capacity, with an estimated $1.3 trillion to $1.4 trillion available if they pushed leverage to a 2x net ratio, and they may increasingly tap project finance, private credit, and asset-backed financing beyond traditional corporate bonds.

Impact on stocks 6

Artificial Intelligence▲ · 4 stocks
Amazon.com Inc
AMZN
▲ PositiveCapitalrelevance

Goldman Sachs forecasts increasing debt financing for AI capex, implying strong investment and financial capacity for Amazon.

Alphabet Inc Class C
GOOG
▲ PositiveCapitalrelevance

Goldman Sachs forecasts increasing debt financing for AI capex, implying strong investment and financial capacity for Alphabet.

Meta Platforms Inc.
META
▲ PositiveCapitalrelevance

Goldman Sachs forecasts increasing debt financing for AI capex, implying strong investment and financial capacity for Meta.

Microsoft Corporation
MSFT
▲ PositiveCapitalrelevance

Goldman Sachs forecasts increasing debt financing for AI capex, implying strong investment and financial capacity for Microsoft.

Cloud & Digital Infrastructure▲ · 1 stocks
Oracle Corporation
ORCL
▲ PositiveCapitalrelevance

Goldman Sachs forecasts increasing debt financing for AI capex, implying strong investment and financial capacity for Oracle.

Financials▲ · 1 stocks

Theme Impact 5

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