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The AI boom and its financing
Who is paying for the AI build-out: hyperscaler spending, data-centre debt, the neoclouds and what the credit market says about them.
The companies building AI capacity spend far more than they earn, and the gap is filled with debt, leases and circular deals between chipmakers, cloud providers and AI labs. That makes the AI trade as much a credit story as a technology story.
Our coverage follows the money: the capital spending plans, the bond yields and credit default swaps of the borrowers, and the days when the stock market and the bond market disagree.