AI's never-before-seen capital grab

Recent analysis indicates a staggering $10.3 trillion in estimated AI infrastructure investment through 2032, representing 3.6% of annual GDP. This scale exceeds previous booms in railroads and telecom networks, making the buildout too costly for tech companies to finance alone. Consequently, trillions in outside capital are required from banks, private credit, and bond markets. Simultaneously, bond investors face a new environment where yields at 5% have become the standard norm or the floor.