Markets, private credit and the money behind the machine.
The Federal Reserve and Big Tech earnings test different sides of the same AI investment thesis. Monetary policy influences the price of capital and the value assigned to distant cash flows.
The AI buildout is becoming a credit-market story because infrastructure ambitions increasingly exceed what companies can finance comfortably through ordinary operating budgets.
Artificial intelligence spending is entering the stage where scale alone is no longer sufficient evidence of strategy.
Direct lenders now underwrite ARR the way banks once underwrote EBITDA. The term sheets tell the story.
Direct lenders now underwrite ARR the way banks once underwrote EBITDA.
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