Vanguard’s senior economist Shaan Raithatha warns that the AI capital expenditure boom may carry “hidden risks”.Hyperscalers are on track to borrow more than $400 billion this year to fund their AI buildouts. That is more than double the $165 billion raised through debt markets across all of 2025.Vanguard’s economist points to the concern that strong moats and cash flows may be masking the true scale of AI debt exposure; with special purpose vehicles, off-balance-sheet financing and long-term lease obligati ...