Goldman Sachs Asset Management Underweights Hyperscaler Bonds Amid Supply Surge
nashnova research
Goldman Sachs Asset Management's Lindsay Rosner says the team is underweight hyperscaler bonds — Amazon, Meta, and Alphabet are issuing so much debt for AI that the supply alone may push prices lower, even though the AI thesis itself still holds.
What exactly is Goldman avoiding?
GSAM is underweight bonds from hyperscalers — the handful of tech giants (Amazon, Meta, Alphabet) that run massive cloud infrastructure.
Underweight means they hold less than the benchmark index allocation. This means → Goldman sees these bonds as offering poor short-term value relative to the rest of investment-grade credit.
Rosner was explicit: the call is about supply, not about doubting AI. "We believe in the AI story," she said.
How big is the supply pressure?
These tech giants have been the dominant issuers in the U.S. investment-grade corporate bond market this year, borrowing hundreds of billions of dollars for AI projects.
Rosner's own words: "All year long — new issuance keeps replacing outstanding issuance." In plain terms = the market hasn't finished absorbing the last wave before the next one lands.
Moody's data shows hyperscalers have accumulated nearly $3 trillion in off-balance-sheet liabilities. This reflects a debt footprint far larger than what appears on their balance sheets.
What does this mean for investors?
The core variable is simple: can the market absorb all the new paper? If it can't, credit spreads — the gap between corporate bond yields and Treasury yields, where a wider gap means the market demands more compensation for risk — will widen, and bond prices will fall.
This means → even if you're bullish on AI long-term, these bonds may underperform in the near term simply because supply outstrips demand.
Goldman's stance is "bullish on fundamentals, bearish on short-term pricing" — wait for the supply wave to pass and valuations to reset before adding exposure.
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