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Another cost "hyperscalers" are imposing on mere mortals is that of their borrowing binge which - along with the massive borrowing Trump's Treasury is doing to fund tax cuts for the hyperscalers - is doing catastrophic damage to the US's greatest economic asset: Access to debt markets at low rates.

The AI "revolution" is purportedly being funded by optimistic billionaires. But those billionaires are actually borrowing huge portions of the funds required to fulfill their ambitions. The scale of the borrowing is, like the scale of their projects, unprecedented, with immediate impacts on the...1/

credit markets that are huge, but largely unrecognized. Furthermore, the risks to both the publicly traded equities markets - which the AI-investing companies like Google, Oracle, etc. increasingly dominate - and the credit markets -which they also are playing a massively outsized role in -....2/

Are also massive and in many respects unprecedented. We could be in a heads they win, tails all of us lose situation, in that the upside of success for these companies and their largest shareholders will be massive - for them - resulting in even more concentration of wealth, while... 3/