Goldman Declares AI Unwind Phase 2 as $106B Debt Comes Due

Goldman Sachs has declared a second phase of AI unwind as $106B in debt comes due, with bonds for Meta's Hyperion data centers trading at 92 cents on the dollar and Microsoft's Project Excalibur credits below 88 cents. Neocloud providers face acute stress, including CoreWeave's 5-year credit default swap spread of 1,194.5 basis points implying a 60% default probability, while Gartner forecasts AI services spending will reach only $3.6T by 2030 against $8.5T needed for infrastructure costs. Despite Nvidia's $270B market value drop in one week, CEO Jensen Huang maintains CoreWeave is stable and unlikely to require a bailout.