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Fortune

Nino Paoli

Borrowing by AI companies represents a ‘mounting potential threat to the financial system,’ top economist says

Mark Zandi Shay Boloor OpenAI Amazon Economy Fortune LinkedIn Meta Moody Analytics Nvidia

Mark Zandi, chief economist at Moody's Analytics, pictured in May 2023, warns of record debt issuance by AI companies during an infrastructure boom. (Credit: Al Drago/Bloomberg via Getty Images)

Tech companies are issuing more debt now than before the dot-com crash as a rapid infrastructure buildout unfolds in the AI boom, Moody’s Analytics Chief Economist Mark Zandi said in a LinkedIn post on Sunday.

Even after adjusting for inflation, big tech companies are issuing more bonds than during the late 1990s. And the companies aren’t just refinancing existing debt—they’re taking on additional debt.

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