Goldman Sachs credit strategists point out that, according to the latest statistics, the spreads on AI-related bonds have widened by approximately 25 basis points, while non-AI credit spreads have only increased by about 6 basis points, reflecting that the market is demanding a higher financing risk premium from AI companies. Goldman Sachs expects this premium difference between AI and non-AI credit to likely persist, driven by years of capital expenditure and long-term financing needs.
Meanwhile, trading volume on AI-related CDS has recently reached a new high (as shown in the figure). Goldman Sachs traders say that, in addition to credit investors, some equity accounts are also beginning to hedge their AI equity exposure in the public and private markets through CDS. This indicates that funds have not withdrawn from AI, but as financing scales expand, the market is adding insurance for AI bulls through the credit market.
