Editorial companion

What stands out

Brian Sozzi highlights a Barclays note showing capital raised by hyperscalers, data-center special purpose vehicles, and neoclouds jumped from $172 billion in 2025 to $346 billion so far this year, and he connects that surge to widening credit spreads and rising credit default swap spreads. The clip flags large, planned raises from the usual suspects, including a reported $30 billion from OpenAI and big debt sales from Alphabet and Meta, and argues that funding needs are still growing even as lenders demand a higher price for risk.