🐋 WHALE WATCH: Big Tech is officially outgrowing its own cash flow to fund the AI race. Alphabet and Amazon are moving heavily into foreign debt markets aggressively tapping local liquidity from Europe to Tokyo. They are raising tens of billions in foreign bonds because the US debt pool cannot easily handle this massive capital demand alone. We are transitioning from asset light software margins to massive capital intensive infrastructure plays. Will this global debt push crowd out local corporate borrowers ?(Whale Factor)