Picture this: four tech giants pouring $600 billion into data centers next year. Google, Meta, Oracle, Amazon—all racing to build the backbone of AI infrastructure. Sounds bullish? Maybe not.

Here's the catch. Their current profits? Not nearly enough to bankroll this expansion spree. So they'll tap debt markets. Heavily. And that's where things get dicey.

When everyone's borrowing big to chase the same bet, contagion risk spreads like wildfire. One stumble could trigger a domino effect across balance sheets. The AI gold rush might be real, but the financial scaffolding holding it up looks increasingly shaky.

Are we building the future or just inflating the next bubble? The line's getting blurrier by the quarter.