QTS Data Centers, owned by Blackstone, is heavily investing in expanding its AI infrastructure. To finance this growth, Blackstone plans to finalize a $3.46 billion commercial-mortgage-backed securities offering aimed at refinancing QTS's existing debt. This deal marks a significant move in a rapidly evolving market, as it would be the largest of its kind this year. The bonds will be tied to ten data centers located in key markets, consuming vast amounts of energy. The urgency behind these investments is underscored by a McKinsey report forecasting a $7 trillion need for data center infrastructure by 2030 to meet rising demand. Major tech companies, including Google, Meta, Microsoft, and Amazon, recently spent $112 billion on capital expenditures in just three months. However, this aggressive spending has alarmed investors, leading to a drop in stock prices, particularly for Meta, which fell 11% after announcing its plans. Tech giants are increasingly turning to complex debt financing methods, such as securitization and private financing, to secure necessary funds. This shift raises concerns among investors, drawing parallels to the risky financial practices seen during the 2008 crisis. The situation reflects a growing unease about the sustainability and risks associated with the current AI investment boom.