AI's Real Bottleneck Isn't Chips Anymore, It's Capital: Goldman Warns Of Semi "Air Pocket" As Bond Market Sends The Bill

For two years every AI debate has had the same shape: is there enough demand? Enough GPUs, enough power, enough tokens, enough customers willing to pay for them? Judging by this week's Goldman flow, that debate is over, and something far less glamorous has replaced it: who is going to pay for all this?

Here is Goldman's Rich Privorotsky, writing to clients on Wednesday morning in a note titled, appropriately, "Rates Calm. Cost of Capital. TTF new Highs" (available to pro subs):

A Bull Who's Worried About The Bill