"Optimism In Pockets, Vigilance Warranted": Goldman Says The AI Boom Now Lives Or Dies In The Credit Market

The AI order book has never looked better. The AI funding bill has never looked bigger.

Overnight, Celestica (CLS) surged ~17% after hours after guiding to $40 billion of 2027 revenue, up 90% YoY, Cadence (CDNS) beat and raised with $8.2 billion in backlog, and Korea's memory names ripped (Hynix +5%, Samsung +4%, KOSPI +3%). Meanwhile, Meta is selling as much as $97.5 billion of stock in what Bloomberg calls one of the largest equity offerings in history, Broadcom is arranging a $63 billion financing (with BofA, Blackstone, Citi and Morgan Stanley) to buy chips for Anthropic, and Elon Musk is warning that most of the 200+ neoclouds face "guppy-level death" because lenders have stopped writing checks.