Summary of AI Financing - Overinvestment Amid Widening Quality Divide 
* AI Red Queen Effect keeps CSPs spending hard — but capital is getting more selective • Compute stays tight: MSFT/AMZN/GOOGL all flag supply tightness. 
• U.S. Top-5 CSP capex still strong: +85% / +53% / +20% in 2026-28
-> Balance sheets remain healthy into 2028 (net leverage 0.6x, interest coverage 14x)
• But quality divide is widening fast:
– Hyperscaler 20y+ spreads vs CoreWeave yields 
– Larger players (SPCX, Top CSPs) securing preferential funding
– Expect capex continues, but funding increasingly concentrates with the strongest balance sheets. IG providers (Top-5 CSPs + SPCX) to take 84%/83% of U.S. capacity build in 2026E/27E. #AICapex# #Hyperscalers# #Neocloud# #AIFinancing# #RedQueenEffect#