Goldman’s stress test: consensus 2027 S&P EPS drops 22% if AI CapEx is expensed. How are buy-side desks pricing this in?

Came across an institutional audit showing hyperscalers booked \~$150B in non-operating paper gains last quarter, masking baseline deceleration.

Put together a 2-minute visual breakdown of the depreciation lag and $420B debt wave here:

\[[The $150B Accounting Illusion: How Big Tech Hides the AI CapEx Trap](https://www.youtube.com/watch?v=mg7PprCZmR8&t=20s)\]

Looking for counterarguments from anyone actively tracking 10-Q footnote disclosures.