Big Tech's AI Spending Has Gone Full Enron... Literally
Dick and Paul take a deep dive into the AI data center spending boom and why it's different from — and in some ways scarier than — the dot-com fiber-optic bust. They break down why lenders are pouring hundreds of billions of dollars into these buildouts without much regard for whether the underlying business makes sense, simply because Big Tech's balance sheets are so clean (a dynamic they compare more to the 1880s–1920s railroad boom than the fiber bust). They dig into why so much of this spending is moving off balance sheet into special-purpose vehicles, why that structure echoes Enron, and…
The skinny
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