AI Buildout's Debt Dependence Links Tech Growth to Bond Markets

The AI arms race has entered a new, capital-intensive phase, with tech giants like Microsoft, Amazon, and Meta pivoting from cash reserves to issuing tens of billions in debt for their data center expansions. This fundamentally alters their financial structure, directly tethering the generative AI buildout to the volatility of the global bond market and interest rate fluctuations. It marks a strategic departure from the