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AI Data Center Funding Shifts to Debt and SPVs Amid Bubble Warnings

  • Infra & Chips
  • Funding & M&A
  • Finance

Funding for the AI data center buildout is shifting rapidly from Big Tech's own cash toward bonds, private credit and special purpose vehicles (SPVs). With total investment projected to top $3 trillion by around 2028, the growing sophistication of financing and the swelling debt load are raising concerns about rising bubble risks.

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