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Capital formation is the quiet bottleneck in the AI buildout.
Chip companies face demand that outpaces what operating cash flow can fund alone, and the gap between orders and balance-sheet capacity has to be closed somewhere.
Goldman Sachs has moved into that position, with both Nvidia and Intel recently tapping the bank to help them meet soaring demand for compute.
For Goldman Sachs, the arrangement represents what one account describes as the bank's latest cash cow.
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