Market is focused on debt depreciation and doubts; asks how to get out of it.
Host
Sung Cho
AI funding over next couple years is $700B-$1T, with 90% from operating cash flows, only 10% from debt. Majority of that debt is from Meta (high credit quality).
Asks if concerns about specific companies (CoreWeave, Oracle) are drowning out the broader positive story.
Host
Sung Cho
Funding won't be an issue going into 2026. CoreWeave and Oracle face supply chain backup issues, not demand issues.
Notes the problem that everyone is levered to OpenAI's ecosystem to some extent, creating nervousness about obligations.
Host
Sung Cho
Sentiment around frontier AI model leadership has been volatile in 2025 (Meta ? OpenAI ? Google). Model volatility is likely to continue.