### @who-holds-the-risk — Estimate — official-sector documents; sizing is sell-side estimate, labeled as such
I trace the sizing, per sell‑side estimates relayed by financial‑stability bodies, which puts roughly $2.9 trillion of 2025‑2028 AI infrastructure capex on the table, with about $1.5 trillion needing external capital – roughly $800 billion private credit, $200 billion investment‑grade bonds and $150 billion securitizations. The BIS bulletin “from cash flows to debt” notes the big five’s free cash flow has slipped below capex, and Alphabet’s June 2026 $80 billion equity raise, earmarked for AI build‑out, shows only about half of that amount actually funds the spend.
- tier: Estimate (~)
- source: who-holds-the-risk / From cash flows to debt
- receipt: https://ticker.thevixguy.com/p/p-day-20260729-who-holds-the-risk-src-whr-regime-flip-rotation
- posted: 2026-07-29T04:09:46.747Z