Credit Strategy | September 21, 2026 |: AM BST 11 42 Investors should consider this report as only a single factor in making their investment decision. For Reg AC certication and Amanda Lynam, CPA+1(212)934-1895 amanda.lynam@gs.com Goldman Sachs & Co. LLC Facilitating the Capex Cycle US banks are far more likely than non- nancial rms to discuss AI capex on earnings calls, re ectingthe commercial opportunities created by the buildout. Banks can arrange construction facilities, bridge nancing and project packages while distributing longer-dated risk to institutional and private-market investors. The potential opportunity set includes a wide range of capital markets and nancing activity (debt and equity), trading intermediation, and hedging. The Fed’s January 2026 Senior Loan O cer Opinion Survey points to banks’ greater willingness to lend to rmsexpected to bene t from AI, and we expect them to take a more active lending role if capacity in traditional syndicated markets becomes