The $300 Billion AI Buildout Is a Lie. Here’s What’s Actually Happening.
Most people debate whether AI is a bubble. The deeper issue is that Big Tech has made itself the ultimate backstop for the very lenders financing its $300 billion AI bet. By using off-balance-sheet guarantees, tech giants get the upside of infinite compute without the optics of debt. But if AI demand falters, a wave of contingent liabilities will hit all at once.