The real risk isn’t that these companies are borrowing. It’s what they’re borrowing to fund.
AI infrastructure is becoming a capital arms race, with enormous spending, uncertain returns and rising reliance on debt.
Oracle’s bond sale may be perfectly rational on its own. But when 17 giants rush to market together, it’s worth asking whether we’re seeing confidence or a scramble for capital.
AI may deliver the next economic boom. But if the returns don’t arrive fast enough, the debt could become the biggest story on Wall Street.
Watch free cash flow, debt levels and actual AI monetisation. That’s where the real warning signs will appear.
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