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19.10.26 - 22:37
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Goldman′s Lynam Not Worried About Access to Debt Amid AI Buildout (Bloomberg)
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Amanda Lynam, chief credit strategist at Goldman Sachs, says recent widening in AI-related credit spreads resembles an earlier episode but differs because high-yield debt is now leading the move and investors are raising fundamental questions. She speaks on "Bloomberg The Close." (Source: Bloomberg)...
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19.10.26 - 21:42
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AI CapEx And Earnings: What Happens When Growth Slows (ZeroHedge)
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AI CapEx And Earnings: What Happens When Growth Slows
Authored by Lance Roberts via RealInvestmentAdvice.com,
AI capex and earnings are now so tightly tied that spending doesn't have to fall to hurt profits. It only has to stop accelerating.
Almost half of the S&P 500's earnings growth this year traces back to one activity: companies buying chips, servers, power gear, and concrete to build artificial intelligence. That's the estimate Goldman Sachs published on September 23. It's also the clearest statement yet of how tightly AI capex and earnings are now linked.1 Most investors read it as a story about the spenders. I think they're looking at the wrong side of the ledger. Capex leaves one company's bank account and appears on another company's income statement, so the "AI earnings boom" depends less on how much is spent than on whether spending continues to grow.
Every Dollar Of Capex Is Someone Else's Revenue
When a hyperscaler commits $10 billion to a data center, that mone...
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