Core Insights - The AI boom is significantly impacting corporate balance sheets, with Nebius Group NV indicating that future growth will rely on debt financing rather than just GPU resources [1][2] - Nebius is following a trend seen in major tech companies like Meta and Oracle, which are increasingly using bond markets to finance their AI expansions [2] - Nebius has sold out of its capacity and plans to reach 2.5 gigawatts of contracted power by 2026, necessitating billions in upfront investment [3] Industry Trends - Nvidia is emerging as a key player in financing AI projects, having supported over $100 billion in compute-related initiatives [4] - The AI and data center sectors are projected to constitute over 20% of the global investment-grade bond market by 2030, indicating a shift towards credit as a critical resource for AI development [5] - The competitive landscape of AI is evolving, with a focus not only on hardware capabilities but also on the ability to secure financing for growth [5]

Core Insights - The AI boom is significantly impacting corporate balance sheets, with Nebius Group NV indicating that future growth will be financed through debt rather than GPUs [1][2] - Nebius is following a trend seen in major tech companies like Meta and Oracle, which are increasingly using bond markets to finance their AI infrastructure expansions [2] - Nebius has sold out of capacity and plans to reach 2.5 gigawatts of contracted power by 2026, necessitating billions in upfront spending [3] Industry Trends - Nvidia is emerging as a key player in financing AI projects, having supported over $100 billion in compute-linked initiatives [4] - The AI and data center sectors are projected to constitute over 20% of the global investment-grade bond market by 2030, indicating a shift towards credit as a primary funding source [5] - The competitive landscape of AI is evolving, with a focus on borrowing capabilities to acquire necessary resources rather than solely on hardware availability [5]