Global capital markets are incredibly hot: Companies have raised a record $4.7 trillion in equity, corporate debt, and bank loans so far this year. This marks the 3rd consecutive annual increase for this point of the year. Total capital raised is also running ~$500 billion above the 2021 post-pandemic financing boom. The surge has been driven primarily by technology companies seeking to fund AI spending, alongside record debt issuance to finance AI infrastructure. Furthermore, investment-grade private credit issuance is not included in these figures, despite playing an increasingly important role in financing data centers, semiconductors, and power plants supporting the AI buildout. Investors are pouring money into AI an unprecedented pace.(The Kobeissi Letter)