Cryptonomist (reporting Goldman Sachs research) · 2026-09-04
Goldman Sachs Raises 2026 U.S. Investment-Grade Credit Supply Forecast to $2.3 Trillion, Citing AI-Driven Bond Issuance
Goldman Sachs lifted its 2026 USD IG credit issuance forecast by $200 billion to $2.3 trillion and net supply to $1.0 trillion, driven almost entirely by AI-capex financing from hyperscalers. AI-related issuers now account for ~24% of year-to-date U.S. IG bond supply. Rising supply risks forcing borrowing costs higher across the entire credit market, directly pressuring Alphabet, Amazon, Meta, Oracle, and CoreWeave spreads.
247 Wall St. · 2026-09-04
Digital Realty Sells 7.3M Shares Under ATM for ~$1.3B, Raises 2026 Net Capex Guidance to $4.25–$4.75B; Equinix Runs 52 Active Expansion Projects Across 33 Markets
Digital Realty's equity ATM issuance and elevated capex guidance signal that data-center REITs are now tapping both equity and debt capital markets at scale to fund AI-lease pipelines. With flat dividends during heavy equity issuance and an AI-capex slowdown risk that would leave unfunded pipeline exposed, the funding structure of the two largest co-location REITs is under direct credit scrutiny.
247 Wall St. · 2026-09-01
Oracle Falls 4% as Global Bond Selloff Tests Its Debt-Funded AI Buildout; Bonds Yield 7–8%, Stock Below 200-Day Moving Average
Oracle funded $56B in FY2026 capex by raising $43B in debt, making it the most leveraged mega-cap AI builder. A rising 10-year Treasury yield is repricing that debt load in real time: Oracle bonds now yield 7–8%, levels normally associated with sub-investment-grade credit, vs. 2.5–3.5% for Alphabet and Amazon. S&P already downgraded Oracle to BBB− (one notch above junk) in July; any Moody's follow-on downgrade would trigger forced selling by IG-only mandates.