Big Tech's AI infrastructure debt has doubled to $350B, with hyperscalers issuing record bonds in Europe, crowding out local scale-ups and signaling a shift from capital-light to capital-heavy tech.

Hyperscalers plan $600B to $725B in AI spending for 2026, a 77% jump. The cost pressures could drive demand for decentralized computing alternatives.

Big Tech sells $25B in bonds to expand AI infrastructure. Tesla's chance to be the largest company by market cap on July 31 at 0.1% YES.