Attempting to unretard/schizo for a sec. The amount of off-the-books bonds being issued in shell companies by Oracle, Google, Microsoft, Meta, to fund the new compute infrastructure is not setting off enough alarm bells. The US capital market has literally been unable to absorb this, and so Google and Amazon are now having to issue bonds in foreign currencies to meet their needs. As of now, there has been a pretty open sentiment that there isn't a clear idea of how to make any of this profitable
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