This Is How the A.I. Debt Binge Sinks the Economy

By Robin Wigglesworth

Mr. Wigglesworth is an editor at the Financial Times. His forthcoming book is “A Fabulous Debt: The Epic Story of How Bonds Built the Modern World.”

Despite all the hoopla about Nvidia becoming the first company valued at over $5 trillion, the listing of Elon Musk’s SpaceX and the looming initial public offerings of Anthropic and OpenAI, artificial intelligence is no longer primarily a stock market story. It is a story of debt, and that should worry us. Unfortunately, manias fueled mainly by credit almost inevitably end badly.

For now, set aside both prognostications of an........

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