How the AI debt binge shattered hyperscalers’ ‘unspoken contract’ with investors

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Hyperscalers are significantly ramping up their AI capex spending — and increasingly using credit markets to fund it.

But investors say this shift is challenging mega-cap tech giants’ so-called ‘fortress balance sheet’ status, and rips up what they call the “unspoken contract” that kept speculative AI spending largely separate from debt markets.

After Amazon

, Meta