The AI boom is becoming more debt-financed 
The largest AI spenders are leaning harder on bond markets.
- Alphabet, Amazon, Meta, Microsoft, Oracle and SpaceX are projected to issue $285B in bonds this year.
- That is up from $109B last year.
- The money is being used to fund a nearly $4T four-year capex program.
- Soaring chip prices are also feeding into consumer goods inflation.
- The article notes the iPhone 18 Pro will cost more because of memory chip shortages.
The U.S. economy has rarely been this dependent on one technology cycle continuing to deliver.
