These are large numbers, and the degree to which and price at which investors commit capital will turn on their Willingness and Ability to finance. Questions that we expect investors will ask in the coming months and years include:

Willingness

🟠 What is the return on investment from AI?
🟠 Will AI Labs' margins remain high? Will open models eventually erode profit for frontier models?
🟠 Can end users adopt AI at a fast enough pace to absorb forecasted increases in compute supply?

Ability

🟠 How much will rates have to go up to absorb loan and bond issuance supply?
🟠 Are Nvidia and hyperscaler balance sheets large enough to act as a large source of both implicit and explicit credit?
🟠 Who will fund AI Clusters? How quickly can lenders get up the curve? Will they ever lend to non-IG or nonofftake clusters, and if so, at what price?
🟠 Will the huge requirement to raise debt and equity capital at this scale prove to be disruptive? (2/3)