Ben Pouladian(@benitoz):The AI race is becoming a race for capital. Today on @theallinpod, @chamath argued that AI borrowing is crowding out appetite for Treasuries. Eight days earlier, I filmed Jensen at GTC Berlin explaining how demand for AI drives demand for compute, then capital, putting pressure on financing costs. I put the clips together because the connection matters: strong AI demand can coexist with expensive capital. The winners still have to finance the buildout and earn the return.

Ben Pouladian

@benitoz

AI Infrastructure • Compute Economics • Semiconductors • Models • Power • $NVDA since 2016

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Ben Pouladian@benitoz

2026.10.31 02:33

The AI race is becoming a race for capital. Today on @theallinpod, @chamath argued that AI borrowing is crowding out appetite for Treasuries. Eight days earlier, I filmed Jensen at GTC Berlin explaining how demand for AI drives demand for compute, then capital, putting pressure on financing costs. I put the clips together because the connection matters: strong AI demand can coexist with expensive capital. The winners still have to finance the buildout and earn the return.