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The engine behind the AI buildout is a capital-formation model built on equity and debt: leading tech companies issue both at record scale, then deploy the proceeds into infrastructure.
That model has run for more than three years. Nvidia chief executive Jensen Huang has put forward a new structural concept for the phase beyond it, and Wall Street has moved to endorse the idea.
The equity-and-debt model that defined the first phase Record equity and debt issuance by leading tech companies has been the defining financial mechanism of the AI buildout's first three-plus years.
It is a model that depends on sustained appetite from the investment community, which makes Wall Street's posture toward what comes next consequential.
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