Global markets are closing 2025 with artificial intelligence firmly at the center of technology, finance, and macroeconomic risk. Record-breaking funding rounds for AI model labs—led by OpenAI , Anthropic , and xAI—along with massive multi-year cloud and chip contracts, have created a powerful AI capital cycle linking hyperscalers, semiconductor firms, and model developers. This spending wave is driving unprecedented data-center and infrastructure expansion, with some suppliers outperforming even Nvidia , whose valuation has surged to historic levels. However, analysts and regulators are increasingly concerned that this AI build-out is being financed by rapidly rising debt, potentially reaching tens of trillions of dollars over the next decade. High capital intensity, market concentration, and leverage are raising fears that the AI boom could evolve into a systemic bubble, particularly if growth or earnings slow. At the product level, Big Tech is racing to make AI a default user expe...
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