Hello there.

Happy Friday! This week, Big Tech was kind enough to remind us that there’s never been a problem that more money couldn’t solve.

This week:

They’ve also assured us that there’s no reason to fact-check that. Cool guys, really.

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Wall Street keeps waiting for the AI IPO parade. SpaceX! OpenAI! Anthropic! Cue the confetti cannons.

Instead, what we’re getting is a vibes-based bond market.

Tech and AI-related borrowing could approach $1 trillion in 2026(!), as hyperscalers scramble to finance their compute addiction. In fact, UBS estimates issuance could hit $990 billion this year as companies plug a massive financing gap in the AI buildout.

Alphabet alone just raised tens of billions in bonds. Meta and Amazon are back in the market. Even century bonds are making a cameo. Yes, 100-year debt. Because nothing says “we’re confident in AI” like locking in interest payments until 2126.

These are wildly profitable companies. But AI infrastructure is so expensive that even they don’t want to foot the bill solo. Data centers, GPUs, power contracts, talent wars…this isn’t a part-time kinda thing. It’s all or nothing (or all and nothing, time will tell).

For investors, the signal’s still choppy. On one hand, tight spreads suggest bond buyers see these giants as fortress balance sheets. On the other hand, sheer supply could push yields higher across the market, raising capital costs for everyone else.

The AI boom isn’t just an upfront equity story anymore. It’s quickly becoming a part of the credit cycle saga. And when debt markets get this big, well, you know the story.

In partnership with AltIndex

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Mark Zuckerberg spent years getting roasted for the metaverse pivot. Now he’s getting a $2 billion bandwagon.

Bill Ackman reportedly built a roughly $2 billion position in Meta, making it about 10% of Pershing Square’s portfolio. He went straight from dipping his toes to cannonballing into the AI pool.

Meta is going all-in on AI infrastructure, guiding for up to $135 billion in spending this year. It just began construction on a $10 billion data center in Indiana to beef up its AI capabilities. This is a dramatic pivot from burning cash in Reality Labs. That division has reportedly racked up $83 billion in losses since 2020. Investors hated that. AI glasses and superintelligence? Different vibe.

Ackman is betting that Meta’s ad machine plus AI monetization equals a second growth act. The bull case says Meta’s scale, distribution, and cash flow give it an edge in turning AI from a science project to a profit engine. The bear case says capex of this magnitude starts to look suspiciously like 2021 all over again.

The bigger takeaway for retail investors: smart money is rotating within tech, not away from it. The capital isn’t fleeing AI, just concentrating in companies with distribution, data, and actual earnings.

AI is getting more expensive. The debt is piling up. The bets are getting larger. And the investors writing billion-dollar checks seem convinced this isn’t peak hype.

We’re officially in the “show me the returns” phase.

In this episode of The Best One Yet, we unpack the hidden physical bottleneck throttling the AI boom, why a 175-year-old materials company just became Meta’s newest MVP, and how two toy titans (and two luxury legends) are heading in very different directions.

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That’s all for today. Write us and let us know your thoughts on the market, the newsletter, or the weather—we’d just love to hear from you.

Till next time,
— Brandon and Blake