- Essays··12 min read
Sunday Essay — Borrowing Long Against Chips That Live Short
The hyperscalers are funding multi-year GPU clusters with ten-year bonds against chips that go obsolete in three. The spread between the build-out adding up and not is wider than the people writing the checks acknowledge.
ai-capexhyperscalersgpu-depreciationcorporate-creditRead - Essays··8 min read
The year capex stopped fitting on the balance sheet
Consensus for 2026 hyperscaler capex has roughly doubled in twelve months. That is not a forecast revision — it is a forecast that lost its anchor, financed off the balance sheet and resting on chips nobody can defend as six-year assets.
ai-capexoff-balance-sheet-financinggpu-depreciationhyperscalersRead