Goldman Sachs orchestrates US$210 billion in mega financing deals in a single day! AI "funding relay" boosts confidence, adding further support to the semiconductor bull market narrative.

Title context: Goldman Sachs orchestrates US$210 billion in mega financing deals in a single day! AI "funding relay" boosts confidence, adding further support to the semiconductor bull market narrative. Text: As Wall Street financial giant Goldman Sachs Group, Inc. secured US$210 billion in large financing deals, the U.S. semiconductor sector extended Friday's rebound and the market began trading the "funding relay" logicwith three crucial AI financing announcements, Wall Street institutional investors' concerns about a financing crisis in AI compute infrastructure have eased markedly. Last week's sharp selloff in U.S. semiconductor and broad technology stocks occurred because market participants were widely asking "who will bear the massive costs of trillion-dollar-scale AI compute infrastructure buildout." Monday's three announcements partially answered Wall Street's doubts: Meta's equity financing, SpaceX's lease of large-scale AI compute equipment resources, and Anthropic's IPO financing. AI capital expenditure is expected to continue receiving strong market funding support. Goldman Sachs Group, Inc. is converting the massive financing needs of the AI compute supply chain into multiple revenue growth opportunities across underwriting, transaction structuring, and asset management. Among the three deals announced on October 26, Goldman Sachs Group, Inc. co-led Meta's approximately US$95 billion equity financing plan, served as sole structuring agent for SpaceX's approximately US$40 billion chip financing, and secured the lead bookrunner role for Anthropic's initial public offering (IPO). Based on proposed participation scale estimates from institutions, the related transactions total at least US$210 billion, potentially bringing the veteran Wall Street financial giant Goldman Sachs Group, Inc. fee revenue in the tens of millions to hundreds of millions of dollars. The significance behind these developments is that Goldman Sachs Group, Inc. can simultaneously connect issuers, public market investors, and private capital, continuously capturing financing business throughout the AI compute infrastructure buildout cyclethat is, Goldman Sachs Group, Inc. is simultaneously participating in three major AI financing transactions: Meta's stock offering, SpaceX's chip financing, and Anthropic's IPO. These amounts represent transaction scale and expectations, not Goldman Sachs Group, Inc. revenue, and not all have been received. The three latest AI compute supply chain developments specifically answer the question of funding continuity during the buildout period: Meta advancing equity financing, SpaceX supporting chip procurement through equipment finance leases, and Anthropic advancing its initial public offering (IPO), together broadening the funding sources for this unprecedented AI investment frenzy. From this, it can be inferred that the market is reassessing the possibility that financing pressure will slow AI compute resource procurement and delay large orders for core AI infrastructure hardware such as AI chipsthis is precisely the core mechanism by which the "funding relay" supports the semiconductor counteroffensive. Furthermore, as Meta Muse and OpenAI's GPT-6 Astra fully ignite the AI agent wave, "AI FOMO trading" (referring to investors' fear of missing out on gains in AI-related assets, leading them to chase or rebuild previously reduced positions) has made a comeback. From the underlying architecture of AI compute infrastructure, Muse and Astra are expected to further expand the scope of AI agent usage; the massive expansion of AI inference workloads they bring will simultaneously increase demand for model inference, tool execution, and state management, while deepening competitive pressure on some software companies. JPMorgan strategist team's AI capital expenditure forecasts and outlook show hyperscale cloud providers' capex at approximately US$950 billion in 2026, approximately US$1.4 trillion in 2027, and approximately US$3 trillion in 2030. For the epicenter of the AI trade and tech stock selloffthe memory chip sector that has recently suffered heavy lossesbullish market sentiment and fundamental optimism remain strong. KeyBanc's recent Asia survey data shows that AI data centers are still absorbing memory and other AI compute resource supply on a broad scale, pushing price increases through 2027. The institution forecasts HBM blended prices could rise sharply by 80%100% in Q1 2027; on the DRAM pricing front, KeyBanc forecasts a quarter-over-quarter increase of 15%20% in Q4 2026 on top of Q3's strong price increase base, with a further 10%15% increase in Q1 2027; for NAND future pricing, it forecasts approximately 20% quarter-over-quarter increase in Q4 2026 on Q3's strong base, with a further 10%15% increase in Q1 2027. From the perspective of AI inference system architecture, more complex AI tasks led by Meta Muse typically involve longer contexts, multi-turn model calls, tool execution, and result validation: Prefill needs to process input, Decode continuously generates output, and KV Cache occupies more memory as context and concurrency scale expand; compute throughput, memory bandwidth, and capacity need to improve in coordination. Therefore, as frontier agents like Meta Muse further ignite AI compute demand, the core inference for the AI compute industry is that GPU, TPU/AI ASIC core AI computing chip components handle model computation, high-performance data center CPUs handle tool execution and task orchestration, and HBM, server DRAM, storage, high-performance network infrastructure, and data center optical interconnect components jointly support efficient data transport and state management; ultimately, a complete and increasingly large-scale AI compute server cluster system is needed to deliver sustainably operating services. Semiconductor sector rebound appears to begin trading "funding relay" The semiconductor sector, which holds significant market capitalization weight in the U.S. market's long-term bull market trajectory, has evolved from Friday's localized stabilization to Monday's broader recovery and counteroffensive logic. On October 23, the Philadelphia Semiconductor Index rose 0.44%, Micron rose 2.46%; on October 26, the SOX index further rose 2.82%, the Nasdaq Composite and Nasdaq 100 rose 0.83% and 1.09% respectively. NVIDIA Corporation rose 2.39%, and market bullish sentiment toward the epicenter of the AI compute themethe memory chip sectorappears to have returned. Memory chips led the U.S. semiconductor sectorSK Hynix's U.S. ADR surged over 4%, Micron rose 2.98%, SanDisk rose 1.42%; the world's largest data center HDD manufacturers Western Digital Corporation and Seagate rose 3.63% and 2.18% respectively. Analysts generally cite Anthropic's public IPO filing as an important factor boosting AI sentiment, but the SOX index still has a month-to-date decline of approximately 12.2%. The current rally primarily reflects a correction of excessively pessimistic pricing related to AI compute infrastructure financing prospects, and the market beginning to trade the "AI compute infrastructure funding relay" logic. The key logical change in this AI compute infrastructure financing theme is that equity capital and equipment financing are jointly supporting AI investment, reducing the buildout cycle's dependence on a single corporate bond channel. Among them, Facebook and Instagram parent Meta has launched approximately US$35 billion in underwritten offering, and plans an additional approximately US$60 billion at-the-market offering (ATM); SpaceX has obtained approximately US$40 billion in GPU finance lease commitments, expected to close by end-2026 and commence leasing in H1 2027 as equipment is delivered. Anthropic has not yet determined IPO share count and price. From this, it can be inferred that if new equity is successfully raised, it will enhance model companies' ability to pay for compute; equipment financing helps operators bear upfront procurement costs in installments, thereby increasing the likelihood that chip supplier orders are fulfilled. This funding relay trend is occurring as credit markets continue to pressure, providing a super "shot in the arm" for stock and bond markets. At the epicenter of the "AI compute selloff" and "AI bubble burst narrative"CoreWeave (CRWV.US) five-year credit default swaps (CDS) were approximately 1,148 basis points on the morning of October 26; assuming a 40% recovery rate, this corresponds to approximately 62% five-year cumulative implied default probabilitythis figure includes market risk premium and is not an actual bankruptcy prediction. Previously, on October 22, media reported its 2031-maturity bonds yielding approximately 15.76%; SoftBank's five-year CDS reached 432 basis points on October 20, and its longest-dated dollar bond issued in September carried a stunning 9.75% couponthe 9.75% coupon is SoftBank's own record and one of the largest issuances in global high-yield bond history. High-grade tech giants' credit bond yield indicators also face repricing: secondary market quotes from October 5 show Microsoft Corporation's 2060 bond, Alphabet Inc. Class C parent Alphabet's 2075 bond, and Meta's 2064 bond yielding approximately 6.36%, 6.84%, and 7.48% respectively; these quotes across different maturities reflect the combined negative pricing impact of surging global credit bond yields and liquidity compensation amid the surge in AI financing benchmark costs driven by the 10-year U.S. Treasury yieldthey are not the actual coupon rates on companies' entire debt. Stock performance also shows capital is making choices. From October 19 to 23, Meta, Alphabet Class A shares, and Microsoft Corporation fell approximately 9.40%, 5.98%, and 0.86% respectively, NVIDIA Corporation fell approximately 1.48%, and the Philadelphia Semiconductor Index fell approximately 3.21%; as of October 26 media reports, CoreWeave had fallen over 30% for the month. Therefore, NVIDIA Corporation and the SOX index both outperformed Meta and Alphabet for the week, but Microsoft Corporation fell only 0.86%, proving more resilient than NVIDIA Corporation. This significantly demonstrates the dramatic divergence in performance among AI-related hot assets. Goldman Sachs Group, Inc.'s ability to organize large-scale financing shows that capital markets remain willing to provide funding to some AI companies, but financing capacity increasingly depends on client quality, asset protection, and cash flow fundamentals. For semiconductors, the most direct positive is that customer procurement budgets receive funding support; for those AI financing companies closely tied to AI compute infrastructure, investors will still weigh whether new capital can generate sufficient returns. From the AI compute supply chain investment logic perspective, the recent Philadelphia Semiconductor counteroffensive reflects the resonance of order confirmation, buyback support, and risk appetite recovery, and also echoes the industrial backdrop of Meta and SpaceX's AI application-related revenue continuing to surge, further expanding AI compute resource investment, and KeyBanc and TrendForce's bullish memory pricingglobal semiconductor and broad tech stock valuation pressure does not necessarily mean AI demand is simultaneously declining; those strong-fundamentals AI compute supply chain leaders capable of converting overseas capital expenditure into actual deliveries, profits, and cash flow, such as AI chip super-dominant NVIDIA Corporation, are gaining an opportunity for the market to re-examine their value. NVIDIA Corporation, with a market cap of approximately US$5.2 trillion, remains Wall Street's important bullish pricing anchor amid this round of sharp bull-bear divergence. Citi maintained "Buy" with a US$315 target price in its October 22 Berlin GTC commentary, believing the main constraint on AI expansion remains manufacturing and deployment speed; Morgan Stanley restored its "top semiconductor pick" status on October 2, maintaining "Overweight" with a US$300 target price. BofA's August report also listed it as top pick with a US$350 target, and Jefferies Financial Group Inc. reiterated "Buy" with US$300 in late August. Supporting these judgments is the ramp of Rubin and Vera CPU, expanding customer base, and NVIDIA Corporation's ability to increase compute output and system value per unit of power delivered. Based on NVIDIA Corporation's October 22 closing price of US$212.21, US$300, US$315, and US$350 correspond to potential upside of approximately 41.4%, 48.4%, and 64.9% respectively; assuming approximately 24.1 billion total shares outstanding remain unchanged, this corresponds to market caps of approximately US$7.23 trillion, US$7.59 trillion, and US$8.44 trillion. These price targets express judgments about future earnings expansion, with the realization path still centered on delivery of next-generation AI compute cluster super-platforms, customer compute ramp, and continued procurement. Unprecedented AI financing frenzy drives Goldman Sachs Group, Inc. to participate in at least US$210 billion in deals in one day It is understood that three massive AI financing transactions announced during U.S. market trading hours on Monday morning all featured the same name: Goldman Sachs Group, Inc. The Wall Street bank co-led Meta Platforms' US$95 billion stock offering, was the sole structuring agent for a US$40 billion chip financing transaction for SpaceX, and was designated lead bookrunner for Anthropic's large initial public offeringthe IPO's size is expected to be at least comparable to SpaceX's June listing. These large transactions totaling at least US$210 billion will bring substantial revenue to Goldman Sachs Group, Inc. Goldman Sachs Group, Inc. is likely to earn at least tens of millions, or even hundreds of millions, of dollars from the work. Goldman Sachs Group, Inc.'s prominent role in the Anthropic IPO surprised some, as Morgan Stanley had previously been leading efforts to expand the AI company's revolving credit facility. A person familiar with the matter said Goldman Sachs Group, Inc.'s client relationship with Anthropic is handled by San Francisco-based bankers Nick Giovanni and Min Zheng, the latter also a key banker serving NVIDIA Corporation. A Goldman Sachs Group, Inc. representative declined to comment. Wall Street has been racing to finance the AI boom, including the rapid growth in chip and data center demand, to provide the necessary compute to support the technology. But the flood of debt and equity capital into the space, combined with cash burn at frontier AI labs, has also raised concerns that some financing may be unsustainable. These growing concerns are showing up in the bond and stock market performance of companies like CoreWeave. Over the past month, shares of some neocloud providers have fallen sharply. These companies provide computing power to enterprises developing and running AI models. Although Wall Street banks have not yet detailed fee revenue directly from the AI boom, the surge in capital demand has driven growth in their investment banking businesses. In the first nine months of this year, the five largest institutions' combined underwriting revenue was approximately US$19 billion, with equity capital markets revenue growing 48% and bond underwriting revenue growing 13%. Goldman Sachs Group, Inc. has been actively seeking to participate in this boom, including becoming the sole bank in a partnership. The partnership, committed in August, provides US$500 billion in financing for NVIDIA Corporation customers' chip transactions. In the SpaceX transaction announced Monday, Elon Musk's company will purchase NVIDIA Corporation chips through a leasing arrangement with Apollo Global Management Inc. Goldman Sachs Group, Inc. served as structuring agent, and funds managed by its asset management arm also committed capital to the transaction. Another person familiar with the matter said the deal is independent of the NVIDIA Corporation partnership and was gradually assembled after Goldman Sachs Group, Inc. received a call from SpaceX months ago. The person also requested anonymity because non-public information is being discussed. In June, Goldman Sachs Group, Inc. served as lead bookrunner for SpaceX's record IPO and earned US$100 million in fee revenue. This achievement was built on years of client relationships cultivated by veteran bankers Dan Dees, Kim Posnett, David Ludwig, and Susie Scher. Media reported earlier this month that Goldman Sachs Group, Inc. also earned hundreds of millions of dollars in additional carried interest related to early investments it arranged for high-net-worth clients. Goldman Sachs Group, Inc. was also one of the advisers on Alphabet Inc. Class C parent Alphabet's over US$80 billion series of stock offerings, one of the largest equity financings in history. The lead bankers on that transaction, Posnett and Yasmin Coupal, also drove the Meta deal announced Monday. Last year, Goldman Sachs Group, Inc. established a Capital Solutions group led by Pete Lyon and Mahesh Saireddy, coordinating capabilities across asset management, investment banking, and even trading businesses when designing large financing solutions for companies. "We think we're at the center of this investment super-cycle," Goldman Sachs Group, Inc. President John Waldron said in May. Anthropic's significant operating improvement meets memory chip historically low valuations: two important support lines for the semiconductor counteroffensive Anthropic's IPO filing provides operating signals more explanatory than the "US$80.7 billion net loss": H1 revenue of US$16.286 billion, operating loss narrowed to US$693 million; of the US$80.748 billion net loss, fair value change losses on convertible notes and other financing instruments alone amounted to US$72.388 billion. Therefore, the massive net loss cannot be equated with cash burn. During the same period, compute and infrastructure spending was US$8.945 billion, approximately 55% of revenue, further declining to approximately 48% in Q2, indicating revenue expansion is outpacing this major cost item. Anthropic's over 1,900 customers contributing at least US$1 million in annual revenue, and net revenue retention of approximately 900%, demonstrate rapid expansion of enterprise usage scale; the latter means the same qualifying customer cohort's revenue grew approximately ninefold, not that each customer spent nine times more on average. The combination of operating improvement and equity financing is the core mechanism by which the IPO supports the compute supply chain. Anthropic has disclosed approximately US$161.2 billion in Broadcom Inc.-related equipment leases, up to approximately US$120.5 billion in arrangements for SpaceX AI to provide NVIDIA Corporation compute, and up to approximately US$44.6 billion in Nscale services, corresponding to different maturities and contract terms. If IPO proceeds enter the company, they can enhance its ability to fulfill these future payment obligations, thereby supporting demand across the entire AI compute supply chain including AI GPU/TPU/ASIC accelerators, memory/storage chips, network infrastructure, data center optical interconnects, CPUs, and 2.5D/3D advanced packaging and testing. At the same time, the final offering valuation will still reflect long-term compute obligations, safety responsibilities, and governance arrangements; the current public filing means the financing window has entered a verification phase and does not yet mean the raise has been completed. The Korean memory chip sectorhome to the world's two largest memory chip giants SK Hynix and Samsung Electronicsprovides another bullish basis: share prices have already priced in a pessimistic downside scenario far more severe than current earnings expectations. Goldman Sachs Group, Inc. recently cut its 12-month target for the KOSPI benchmark index from 12,000 to 9,000, mainly adopting more conservative valuation assumptions, while believing current Korean semiconductor valuations imply a 65% sharp decline in 2027 earnings, and that market consensus is overly pessimistic. KOSPI's approximately 4x forward P/E and non-memory sector's approximately 7.6x reflect the market's strong discount on earnings sustainability. Although Goldman Sachs Group, Inc. cut to 9,000, based on the October 26 close of 5,469.47, the 9,000 target still implies approximately 64.5% potential upside. If AI procurement continues and earnings do not collapse as share prices imply, valuation repair has fundamental support. Capital behavior is providing conditions for this repair. Goldman Sachs Group, Inc. tracking data shows that over the past two weeks, tech-related stocks saw approximately US$20 billion in net selling, and the Nasdaq 100's volatility premium relative to the S&P 500 rose to the 98th percentile of the five-year range, indicating defensive trades are highly concentrated. On the other hand, from October 1 to 23, Korean retail investors net bought approximately KRW 315.4 billion in single-stock leveraged products related to Samsung and SK Hynix; from October 1 to 22, Korean investors net bought approximately US$3.548 billion in SOXL (the triple-leveraged bull ETF tracking the Philadelphia Semiconductor IndexU.S. ticker "SOXL"), accounting for approximately 73.9% of net U.S. stock purchases during the same period. These purchases show rebound expectations are building, but their leveraged nature also means the market may continue to experience sharp volatility. The most convincing combination of optimistic signs for the semiconductor counteroffensiveeven entering a new "primary uptrend" level super bull market trajectoryis the simultaneous emergence of positive AI compute infrastructure-related financing execution, application revenue growth, and supplier earnings realization. Goldman Sachs Group, Inc. securing financing, Anthropic demonstrating operating improvement, and Korean memory showing extremely low valuations correspond to support from three aspects: capital supply, end-market monetization, and asset prices. If tech giants' earnings further confirm order conversion and cash flow improvement, the market has reason to reduce bets on a sharp decline in compute procurement, allowing the current rebound to extend from position repair to earnings-driven revaluation.