• Author/Analyst: Lotfi Karoui, Chief Credit Strategist [00:00:25]
• Core Thesis: Post-COVID corporate discipline is fracturing in one distinct area: AI-related capital expenditure. While the massive shift toward debt financing among hyperscalers and neoclouds introduces real micro and macro risks, the cycle remains fundamentally more disciplined, better capitalized, and more financeable than the late 1990s telecom boom.

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The Scale Of The AI Capex Boom

• Historical Context: Investment in equipment and software as a share of US GDP is currently on track to surpass the previous peak reached during the late 1990s dot-com era [].