The financial infrastructure of that commitment is already in place. The 10 largest AI companies are on track to issue more than $120 billion in bonds—a record high that many are drawing parallels to the debt Big Tech took on during the dotcom boom of the late 1990s. Unlike that era, when the Y2K bubble’s collapse was largely absorbed by equity investors, today’s AI buildout is being financed with debt, meaning a market correction would ripple well beyond stock portfolios.
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