Bigtech firms have drastically ramped up their investment in data centers to power the accelerating artificial intelligence (AI) arms race. These investments were previously cashflow funded but are now turning into a debt-fueled battle for supremacy. Tech firms will need to tap multiple parts of the capital markets due to the enormous amounts of funding required, with growing concern among investors about data center overcapacity and whether firms will ever be able to monetize the huge investments in compute power.
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