According to the financial institution’s calculations, AI-focused capital expenditure across U.S. businesses will approach $600 billion throughout 2026. These businesses represented approximately 40% of total U.S. follow-on equity issuance volume throughout the current year. These companies’ capital expenditure is anticipated to outpace their operational cash generation by approximately $150 billion in 2027. Ben Snider, a strategist at Goldman Sachs, characterized the elevated equity issuance as a normalization rather than an indicator of financial strain. Goldman Sachs characterized the situation plainly: the surge in equity issuance represents a “headwind but not a gale.”