Goldman's Wheeler Sees 'Generational Opportunity' in AI

• AI capex, particularly for data centers and power, is the dominant theme driving massive financing demand across various debt markets.
• US data centers are expected to double power needs, with hyperscalers investing $600 billion in AI capex this year alone.
• The market is differentiating, favoring hard assets and infrastructure projects with strong track records, while software and other inflation-sensitive sectors see muted activity and wider bid-ask spreads.

Miriam Wheeler from Goldman Sachs highlights AI capex as a 'generational opportunity,' driving massive financing demand for hard assets like data centers and power infrastructure. While the overall credit market appears tight, she notes bifurcation, with strong demand for clean credit stories in AI and infrastructure, contrasting with muted activity in software and other inflation-sensitive sectors.