Updates
Written by
Beth Kindig
Lead Tech Analyst
Published: April 21, 2022
Last Updated: April 21, 2022
We recently released our returns, which continue to be robust despite the risk-off environment in tech.
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AI-related debt reached $466 billion through September 2026, more than four times last year’s pace. We break down who is borrowing, the three ways new AI chip deals are being structured, and where interest costs land across Nvidia, Oracle, CoreWeave, Broadcom and Big Tech.
Microsoft’s Maia 300 is its “biggest bet yet” on its own silicon, but the details tell a narrower story than the headlines. The chip covers inference for Microsoft’s own products from 2027, about 10% of its AI chip spending by early 2027, and leaves Nvidia’s training and cloud business in place.
AI agents and open protocols like MCP are shifting enterprise AI value to frontier labs like Anthropic. See why SaaS moats are weakening and who takes the lead in the enterprise AI stack.
