Interesting data. Big Tech is borrowing at an unprecedented pace to fund the AI buildout — $182 billion in investment-grade bonds so far this year from just six names (Amazon, Alphabet, Nvidia, Meta, Oracle, and SpaceX). That’s up over 1,300% from last year, and these companies now dominate corporate bond issuance. It’s all about the massive spending on data centers, chips, power infrastructure, and related capex. The question, as you said, is whether it will all bear fruit. Will the returns justify this enormous debt-fueled investment, or are we seeing the early signs of overbuilding and a potential bubble in AI infrastructure? Markets are still pricing in strong growth, but history shows that when spending this aggressive outpaces visible returns for too long, valuations and sentiment can shift quickly. It’s worth watching how quickly new capacity translates into actual revenue and profits versus how fast the borrowing and capex keep accelerating. The compute rental tightening we’ve seen is one positive signal, but the ultimate test will be sustained returns on all this capital. Remains to be seen how this plays out.