The $7 trillion question: Who pays for AI’s buildout?

AI is rapidly reshaping the global economy, with total investment in compute capacity projected to reach $5–$7 trillion over the next five years. As companies accelerate spending, credit markets are playing an important role in funding this expansion. Hyperscalers and other companies can tap four key fixed income markets to finance this capex: public bonds, securitized credit, private credit, and leveraged finance. Each offers distinct advantages, risks, and investor access points. Understanding how these markets interact — and where opportunities lie — requires a cross-asset perspective...