AI now costs so much even the hyperscalers can’t afford it.
- $121 billion in bonds in 2025, versus a $28 billion annual average 2020-24 (x4)
- Tech now = 10% of credit market, vs 2% in 2005 (x5)
flip.it/FT7SHE
(Interestingly, those multiples are similar to AI’s electricity & water increases 🤭)
The bank says AI's real price tag is showing up where most investors aren't looking.
