How is that all going to cook down?

So this somehow brings us to one of your points in one of the first questions, which was, you know, it's a complex financial ecosystem with different forms of capital or funding AI.

Here is the important thing to understand.

We normally see advertised the fact that hyperscalers will be spending around 700 billion dollars.

um in 2026 on ai and we know that a portion of this 700 billion roughly 30 to 35 will be in data center infrastructure but here is the very interesting fact this only captures what hyperscalers are funding directly through their balance sheet what does it mean they're funding it directly to the balance sheet that they are deploying their free cash flow, so using the liquidity that they generate from other services.

They've issued a meaningful amount of bonds in the market, around 200-250 billion in 2026 of bonds will be issued by hyperscalers.

They're becoming the largest issuers in North America at the moment.

running us