Goldman Sachs Warns AI Credit Spreads at Year High, Stock Market Could Drop 15%

Goldman Sachs warns AI credit spreads hit a year high, indicating either bond market pessimism or a 15 percent stock drop. The bank's AI credit spread index is at its widest this year. AI capex growth is peaking. Net capex added 11 points to S&P 500 EPS growth in 2026 but turns negative by 2028. Goldman advises rotation via long S&P 500 exAI and quality factor.