Goldman Sachs says its asset management arm is underweight the largest “hyperscalers,” citing a surge in debt issuance. The view is attributed to Lindsay Rosner, who says the scale of new supply is affecting market conditions for the biggest artificial-intelligence-focused borrowers.
Bloomberg frames the call in terms of how a “flood” of issuance moves through the market, implying investors face more leverage-related supply pressure. The Seeking Alpha item similarly characterizes Goldman’s stance as underweight hyperscalers, linking the positioning decision to the debt supply environment rather than to a change in operations or technology fundamentals.
While outlets differ slightly in emphasis—Bloomberg highlights the transaction-flow impact on borrowers and markets—both describe the same core message: Goldman’s portfolio positioning tilts away from hyperscalers amid rising debt issuance and related market dynamics.
