We have written extensively about how forecasted AI IT and AI Datacenter capex will drive a record breaking amount of funding needs and an unprecedented growth in debt issuance. By the end of this year, cumulative lifetime AI Capex will have reached nearly $3T USD and we expect this number to grow to $11T+ by the late 2020s, with total outstanding AI Debt reaching $7T+. 2026 will be the first year in which AI Debt Financing becomes the second largest asset related debt market, after only the US Residential Mortgage Market. It is also the last year in which total AI related debt issuance will be less than 10% of total US Fixed Income Issuance (this includes state and federal bonds, MBS/RMBS, corporate bonds, agency, muni and ABS). (1/3)🧵