Foreign Investors Fund US AI Buildout as Capex Nears $1T, Morgan AM Says

The notable shift here is not the size of AI capex but who is funding it: balance-sheet-heavy foreign institutions rather than the hyperscalers themselves. That moves risk from corporate cash flows into pension and sovereign portfolios, and the hidden-debt concern is the part worth tracking. Whether these structures stay off the headline debt metrics of the borrowers, and how exposed Gulf and Asian institutions are if the buildout slows, is the open question.