Unless you have lived under a rock for the last year (or month), you will know that the explosive growth of artificial intelligence is fueling a massive infrastructure buildout. In a chart book published nearly simultaneously with Moody’s report, Apollo Global Management chief economist Torsten Slok worked to put the enormity of data center spending into perspective. With total capital expenditure on data centers estimated at roughly $646 billion, or about 2% of U.S. GDP, Slok noted that is roughly equivalent to the GDP for Singapore, Sweden, and Argentina. Defense spending in 2025, meanwhile, was around $917 billion. However, as Moody’s warned this week, the aggressive financing structures supporting this explosive growth are creating significant systemic risks that could ripple across global credit markets and the broader economy. The most recent example of this buildout – and its coincident debt-funding – is the $36 billion debt financing package currently being shopped by Apollo Global Management and Blackstone to enable Anthropic’s large-scale acquisition of Google’s custom TPU chips. As Bloomberg reports, this complex, high-leverage deal – partially backed by Broadcom – …