Goldman Sachs and Wells Fargo have roles in $45 billion of Oracle and Microsoft securities offerings, a burst of technology-sector fundraising that CNBC’s Investing Club connected to demand for artificial intelligence infrastructure.
Oracle filed on Monday to offer $10 billion in common stock. Its preliminary filing names Goldman Sachs & Co. LLC and Wells Fargo Securities as joint book-running managers. The filing also describes a separate $10 billion senior-notes offering; the two Oracle offerings can close independently. Oracle said the stock-sale proceeds would go toward general corporate purposes, including possible capital expenditures and acquisitions.
Microsoft priced $25 billion in notes on Oct. 29, and its announcement lists Goldman and Wells Fargo among the managers. Microsoft described the proceeds as available for general corporate purposes, including working capital and debt repayment. CNBC’s Investing Club reported that the sale is Microsoft’s first major U.S. bond offering since it raised $17 billion in 2017.
The companies’ stated uses of proceeds are broader than the AI framing. CNBC’s Investing Club connected the offerings to financing the AI infrastructure buildout and said continuing deal activity has supported banks, helping lift results in earlier quarters this year. The club also said it was watching whether a larger volume of securities coming to market could affect broader markets.
Goldman is also a financial adviser to Marvell Technology on its planned all-stock acquisition of Lumentum. The companies put the deal’s implied enterprise value, including debt, at $115 billion and expect it to close in the first half of 2028, subject to shareholder and regulatory approvals. CNBC reported that Marvell CEO Matt Murphy expressed confidence in securing the necessary approvals.
CNBC’s Investing Club said some advisory compensation depends on a transaction closing, making Goldman’s potential revenue from the Marvell deal partly contingent on completion. Microsoft’s notes are expected to close Wednesday, Nov. 4.
