BREAKING
AI Infra Funding Shifts to Debt
The Rise of Circular Deals
0
B
Nvidia to OpenAI
0
B
Microsoft cloud deal
0
B
OpenAI raised 2025
National Buildout Plans
China plan
295
Nvidia-CoreWeave
6.3
MS+Nvidia Anthropic
15
Two Views on the Buildout
Virtuous Circle
●
Secures capacity early
●
Long-term purchase contracts
●
Rational amid scarce supply
Fragile Loop
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Losses cascade if demand fails
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Distorts buyer incentives
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Echoes 1990s telecom bubble
Watch the Debt Buildup
AI NEWS BLITZ
AI infrastructure financing is moving from equity toward debt as analysts flag bubble risks.