I want to figure out one thing: why, in this current AI investment wave, the tech giants have gradually shifted from investing using parts of their cash flow to financing through issuing debt…

Is it possible that, for the sake of “U.S. Treasury bonds,” the U.S. has packaged “AI” into a dish like this to serve the purpose?
Given the current state of U.S. debt and credit, it’s hard enough to even keep global capital from mindlessly buying U.S. Treasuries—let alone preventing several major holder countries from dumping them that quickly…
If you’re not going to buy the government debt, then go buy corporate bonds called “AI”!
In any case, whether you invest in AI tech companies or in U.S. Treasuries, it’s basically the same—once the money comes into the USA, isn’t that what matters?
So when I look at these giants continuing to increase AI investment even at the cost of turning cash flow negative, it gives me an unmistakable “political task” vibe…
To some extent, America’s tech giant companies are basically capitalist state-owned enterprises…