AI infrastructure is moving into the credit market, where enthusiasm has to meet pricing discipline. Financial Times analysis on how much lenders should charge hyperscalers points to a basic question behind the buildout: who is taking the risk if demand, power costs, or customer commitments disappoint?
The AI boom is capital intensive in a way ordinary software was not. Data centers require debt, land, power, chips, long contracts, and confidence that model demand will keep compounding.
For readers, this is a useful counterweight to model-release excitement. The frontier race depends on financing terms as much as engineering talent, and lenders may become one of the quiet governors of AI speed.
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