Oracle, Broadcom, SpaceX Seek Debt Deals for AI Chips

The notable shift here is that AI chip demand is being underwritten by debt rather than retained cash or equity, pulling capital-markets intermediaries — Apollo, Goldman Sachs — directly into the hardware layer of the AI trade. That matters because it links the credit market's appetite for AI exposure to the physical buildout, and it spreads the risk across lenders rather than a handful of balance sheets. Whether these structures become a template for the broader supply chain, and how lenders price that exposure, is the open question to watch.