Companies like Google, Meta, Microsoft, and Amazon have spent $112 billion on AI infrastructure recently. To support this spending, firms are increasingly using complex debt instruments, raising concerns about financial stability reminiscent of the 2008 crisis.

The article discusses how AI is disrupting software revenue, affecting the debt markets tied to software companies. With significant leverage in both software and infrastructure, any downturn in expectations could severely impact these investments, as evidenced by recent drops in stock prices and writedowns in private debt funds.