AI is creating one of the largest financing cycles in modern market history. Who's going to pay for it?
Amanda Lynam, chief credit strategist at Goldman Sachs, joins Sonali Basak to discuss how a multi-year, trillion-dollar AI buildout is reshaping public and private credit markets. Together, they explore where AI financing is coming from, why hyperscalers are only part of the story, and how investors are evaluating opportunities across data centers, chip financing, and related infrastructure.
Lynam explains why the biggest challenge may not be access to capital, but determining where and how to take AI exposure. She also discusses why companies are issuing debt proactively, how project finance has emerged as a new segment of the credit market almost overnight, and why private markets may play an even larger role in financing AI in the years ahead.
In Amanda's view, the financing needs related to AI are likely to extend far beyond traditional public markets: the risk to buildout may be underinvesting, not overinvesting.
This episode was recorded on 9/25/26.
