In October 2025, while the world and his pet rabbit was buying anything-AI with both hands and feet, we were the first to warn that "AI Is Now A Debt Bubble Too, Quietly Surpassing All Banks To Become The Largest Sector In The Market"...
...as the world began to wake up to the negative free cash flow implications of the unprecedented CapEx spend required to achieve AI-Utopia... and therefore the need to fund that via debt (and equity)...
The poster-child at the time was Oracle, which had seen its stock explode higher on the back of the latest circular-financing deal involving OpenAI and NVDA, "The dissonance between ORCL equity dreamers and credit realists is dramatic to say the least."
With the interconnected web of reacharound deals growing more and more complex... to keep the dream alive.
Following our exposé, several in the mainstream media started picking up on this - including CNBC's David Faber - but as AI stocks reaccelerated off the Iran-ceasefire-dip lows, momentum-chasers dominated any fundamental (real world economics) threat.
But, that reality was still there, getting worse, growing larger, and being recognized by more and more credit market professionals as
