Citadel Securities projects that over $500 billion in new public and private debt will be issued by 2028 to fund AI chips and data centers. AI capital expenditures are expected to reach approximately $600 billion in 2026, a 50% jump from the $400 billion spent in 2025. Hyperscalers issued about $75 billion in bonds and loans for AI data center construction during September and October 2025 alone. Morgan Stanley estimates the private credit market for AI data centers could balloon to around $800 billion by 2028. This massive capital influx into AI infrastructure creates upward pressure on hardware component prices, further squeezing cryptocurrency miners already navigating tight margins.
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