Put together some thoughts on AI/capex, the recent shift to off-balance sheet, and why it's (probably? maybe?) not the same as the pre-GFC financial gymnastics
yontodd.substack.com/p/gpu-monoli...
yontodd.substack.com
The GPU monoline: How $3T in off-balance-sheet AI debt is rewriting Big Tech credit
Amazon’s $8B SPV and Broadcom’s $60B debt package reveal the AI buildout has outgrown retained earnings. Why the real risk isn't a 2008-style bust, but a structural blow-out in credit dispersion.