On June 15th, Nvidia issued $25 billion in bonds.

Although it’s the first time since 2021, it’s already the second-largest in the U.S. by 2026.
This move is actually a signal: the source of funding for AI expansion has changed.
In the past, it relied on retained earnings; now it’s relying on the public bond market.
Alphabet, Amazon, Meta, and Oracle have collectively borrowed $132 billion this year.
These super companies are turning AI into a “heavy industry.”
Data centers, power locking, chip iterations—each is an astronomical number.
Old Yellow’s team is very smart.
While interest rates are still manageable, they quickly issue long-term bonds to hedge future costs.
Whoever controls the most computing clusters now will be the tax collectors in the upcoming Agent era.
But the side effects are also obvious.
Investment risks in the tech sector have now seeped into the fixed income market.
And this kind of “capitalized” infrastructure competition is essentially a cleanup.
The massive debt-driven compute walls built by big companies directly eliminate the bargaining power of small and medium service providers.
In the future AI industry chain, without scale, there may be no chance to even speak.