Wall Street banks profit from AI tech deals and IPOs
Wall Street banks are making serious gains thanks to a rush of AI-related investments from major tech players.
Huge deals like SK Hynix's $26.5 billion ADR sale and SpaceX's massive $86 billion IPO have brought in hefty fees for financial giants.
Goldman Sachs CEO David Solomon even called this moment an "AI capex super cycle," saying it could mean years of new opportunities in finance and markets.
Bank of America gives OpenAI $520 million
Goldman Sachs led the SpaceX IPO and is teaming up with Morgan Stanley for Anthropic's upcoming public debut.
Citigroup pocketed over $70 million from SK Hynix, with CEO Jane Fraser noting bigger spending on things like data centers and defense.
Bank of America gave OpenAI its first-ever loan, a $520 million credit line.
JPMorgan and Morgan Stanley are also backing Meta's $13 billion Texas data center, which is boosting construction demand, though some investors worry about how long this AI spending will last.