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@yontodd.substack.com

Compute demand isn’t slowing, and 8% borrowing costs aren't the problem when GPU projects generate 25% IRRs. The real vulnerability is token price deflation squeezing cash flows while carrying high single-digit coupons. substack.com/@yontodd/not...

substack.comAI can afford 8% money. Uncle Sam cannot.High single-digit coupons on AI is resetting the global price of capital and leaving the rest of the bond market to pick up the tab.

Jonathan Todd

@yontodd.substack.com

On the other hand… bsky.app/profile/carl...

Carl Quintanilla@carlquintanilla.bsky.social

Yeesh. 👀 (Bloomberg) - The most likely long-term outcome of the AI boom will be massive capital destruction in the US, with market share going to cheaper open-source Chinese models, according to Jefferies Financial Group Inc. @bloomberg.com www.bloomberg.com/news/article...

10/10/26, 2:29 pm0 reposts1 like

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