This year the hyperscalers started spending more than their cash flow and issuing debt to cover the gap. That sounds like the beginning of the end... but it isn't.  They're borrowing because speed in this race is EVERYTHING. He who gets the most compute wins... They have to borrow or else they'd fall behind. They literally cannot stop.  The first one to blink loses the whole game, and they all know it. I wrote the whole thing up this week... why the buildout cannot stop, where the money comes from, and where it's all heading. Linked below.(Raoul Pal)