Capex
AI’s Debt Problem: How the Labs Hide a Staggering Bill
The AI Prism
AI labs are routing hundreds of billions in debt through SPVs and leases, hiding a $1.65T liability that never reaches the balance sheet.
AI Infrastructure Debt: How to Read a Trillion-Dollar Estimate
The AI Prism
A reconciliation worksheet for reading AI financing estimates, separating balances, flows and overlapping obligations, with transparent hypothetical examples.
After the AI Crash: What Survives When the Bubble Bursts
The AI Prism
The AI investment bubble is deflating in plain sight: $1 trillion wiped from Big Tech in a single week, GPU rental prices down 75%, and bond markets repricing hyperscaler debt. We break down which AI companies are genuinely overvalued, which have real revenue, and what actually survives when the correction finishes its work.
