Headline: New York Times, 11/10/2025
Cade Metz reports:
Now, there are growing concerns that these smaller companies are shouldering risks they may not be able to handle, entwining themselves in relationships that financial analysts say are worryingly opaque. So are a handful of much larger companies that are working with OpenAI, the San Francisco company that launched the A.I. boom with its ChatGPT chatbot three years ago.
The debt used to fund data centers could exceed $1 trillion by 2028, or more than a third of all dollars spent on these facilities, according to analysts at Morgan Stanley. If A.I. technologies do not pull in as much revenue as expected over the next several years, the debt-laden companies could be left holding the bag for the rest of the industry.
“People are lending an awful lot of money to companies based on speculative returns,” said Gil Luria, head of technology research at the technology analyst D.A. Davidson. [emphasis added]
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