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NBER Working Papers · October 5, 2026 · On the brief until October 19, 2026

Financing the AI Buildout -- by Stijn Van Nieuwerburgh

FinanceEconomics
THE AI ANGLE
Driving massive infrastructure spending and private debt expansion

A full buildout of AI infrastructure in the United States could cost nearly 9 trillion dollars by 2032. Because capital spending exceeds internal cash flow, tech firms are shifting to leases, joint ventures, and private credit. These debt structures increase asset-level leverage and obscure contingent obligations for investors.

Summary written by AI Business Lens with an AI model from the article at nber.org. It is not the article, and the publisher has not reviewed it. For publishers.

THE TEACHING ANGLE
Consider how alternative financing vehicles expand borrowing capacity while obscuring contingent liabilities and technological risks.

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