Допис

#BroadcomDellAIResults How is this capex financed? Hyperscalers aren't funding $50B+ backlogs from cash flow they're issuing debt at a pace unseen since dot-com. Earnings this week are also a story about credit markets absorbing that issuance while 10Y yields climb on their own. AI capex pulling on capital, government debt quietly losing real value both bets that money now beats money later. Watch if AI spending starts pressuring yields directly, not just inflation. NFA.