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The Sovereign AI Debt Supercycle: Financing the “Digital Armament”
Introduction: The End of the “Cash-Rich” Era For the past decade, the world’s leading technology firms were known for their fortress balance sheets and “cash-mountain” reserves. However, as we progress through 2026, that era has officially ended. The sheer scale of the AI buildout—with individual data centers now costing upwards of $50 billion—has forced a…