“For an ordinary investor, the useful reframe is to file this IPO under "credit story" rather than "AI winner." A slice ...

“For an ordinary investor, the useful reframe is to file this IPO under "credit story" rather than "AI winner." A slice of what you buy in AI - the IPO itself, or the semiconductor suppliers financing the build-out - is now the risk that this debt-funded expansion gets pricier or runs short. When the firms pricing AI compute debt demand near-double-digit yields, the cheap capital the boom was built on is the thing becoming scarce. Watch the credit rating and the financing spreads as closely as the revenue line. They are the price of admission to the build-out.”https://www.ainvest.com/news/anthropic-holds-112-billion-cash-blackstone-sees-junk-2610/ #AI #AIBubble #DataCentres #Anthropic #USA