[disgruntledphd2]

Sortof, much of the financing up to now has been from equity, rather than debt (with the exception of Oracle).

As the funding profile moves more towards debt, there's a bigger chance for problems as leverage tends to amplify the bad outcomes.

If Big AI (basically Mag 7) continue to issue debt, then there may be financial stability risks if it all blows up. The numbers are fine now, but the trend line is concerning (hence the BIS paper).