Microsoft just made $90B, but spent $41B just on infrastructure. Meta’s revenue grew 28%, yet its cash flow plunged 91%. Why? Because AI doesn’t just need brains; it needs data centers, chips, and electricity… all paid for with debt. Investors are still cheering the tech giants… but bond markets? They’re charging higher premiums to lend to these companies. The real question isn’t if AI will change the world; it’s if these companies can actually profit from it before the debt catches up. Think of it like this: you’re building a Ferrari, but you’re borrowing money to buy the engine, the tires, the paint… and you haven’t even taken it for a test drive yet. That’s Silicon Valley today. AI’s promise is real. But the price? That’s still being written.