Dylan PatelFounder and Chief Analyst, SemiAnalysis · The semiconductor-AI stack

Don’t worry guys, the bubble can get wayyyy bigger

10 Dec 2025 · 0 min

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0:24

Major cloud providers could unlock roughly $2 trillion by moving data-center spending off their balance sheets through sale-leaseback deals with asset managers like Blue Owl. That cash plus cheap debt could fuel a much larger hardware investment bubble.

If you just do the math, man, I think all the hyperscalers could raise like $2 trillion. The number is so large. Let's use Meta. Meta is the most, the most aggressive version of this. You completely do all your data center CapEx off the balance sheet. You have Blue Owl come in, pay for all that. You do a sale leaseback, and then you spend the rest of the money just buying GPUs. And then they can issue debt in the market that's like 50 bps above the government.

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