{"version":"1.0","type":"card","id":"a7854042-911f-4da0-82f5-f2c810f2c1fc","url":"https://stacklist.com/card/a7854042-911f-4da0-82f5-f2c810f2c1fc","title":"Fortune — Goldman's Oppenheimer on Earnings, Bubbles and Hard Data","source_url":"https://fortune.com/2026/09/17/goldman-oppenheimer-earnings-bubble-hard-data/","note":"Secondary coverage of the Competition for Capital note. Read alongside the primary: it is a sell-side argument from a bank that underwrites the issuance it is counting.","image":{"url":"https://ucarecdn.com/72501505-ecce-46cd-8d88-999b596660f1/","alt":"Fortune — Goldman's Oppenheimer on Earnings, Bubbles and Hard Data","width":1280,"height":800},"stack":{"id":"0646d51e-dad0-4c1e-a033-869814d86f1c","title":"Signals Served #029 — The Cost of Capital Moved Somewhere Else","url":"https://stacklist.com/c/finance/stack/0646d51e-dad0-4c1e-a033-869814d86f1c"},"created_at":"2026-09-21T22:44:45.229Z","updated_at":null,"aco":{"summary":"Peter Oppenheimer from Goldman Sachs argues that technology stocks face an earnings bubble rather than a valuation problem, driven by competition between AI infrastructure spending and government borrowing for the same pool of capital. His analysis is supported by data on record capital expenditures among tech companies, surging convertible bond issuance, and widening credit spreads, indicating a structural shift from capital abundance to capital scarcity.","tags":["earnings-bubble","ai-infrastructure","capital-competition","tech-valuation","market-analysis","credit-issuance"],"key_entities":[{"name":"Peter Oppenheimer","type":"person","confidence":0.99},{"name":"Goldman Sachs","type":"organization","confidence":0.99},{"name":"Torsten Slok","type":"person","confidence":0.98},{"name":"Apollo Global Management","type":"organization","confidence":0.98},{"name":"AI infrastructure","type":"technology","confidence":0.95},{"name":"earnings bubble","type":"concept","confidence":0.96},{"name":"capital competition","type":"concept","confidence":0.94},{"name":"Microsoft","type":"organization","confidence":0.97},{"name":"Meta","type":"organization","confidence":0.97}],"classification":"analysis","language":"en","confidence":0.85,"provenance":{"model":"claude-haiku-4-5","tool":"@stacklist/mcp-server@2.0.0","confidence":0.85,"timestamp":"2026-09-21T22:44:50.321Z"},"token_counts":{"approximate":1985,"cl100k":1611},"content_hash":"sha256:80b5aca681f83879e1845a778188bddca70d32abb686df4601cd3414bf779423","acp_version":"0.2","body_available":true,"body_tokens":1985,"visibility":"public","agent_accessible":true,"status":"final"},"_links":{"self":"/api/public/card/a7854042-911f-4da0-82f5-f2c810f2c1fc.json","html":"https://stacklist.com/card/a7854042-911f-4da0-82f5-f2c810f2c1fc","md":"/api/public/card/a7854042-911f-4da0-82f5-f2c810f2c1fc.md","stack_json":"/api/public/stack/0646d51e-dad0-4c1e-a033-869814d86f1c.json"}}