PremiumThe AI Bubble Is Cracking In Places Nobody's Watching
For the better part of two years, the bull case has rested on a single, circular premise: the AI build-out is so profitable, so inevitable, and so cash-generative that it can fund itself in perpetuity.
On Friday the S&P 500 printed its 26th record close of the year, an all-time high of 7,757. And yet, buried in the weekend reading that Goldman Sachs sends to its largest clients - the notes that never make the tape (but are available here in real-time for pro subs) - the firm's own desks spent the weekend quietly documenting exactly where the story is starting to come apart.