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Wall Street banks boost borrowing for AI growth
Wall Street banks are heading toward extending aggressive borrowing to fund the AI boom, as the top six American banks are expected to raise approximately $41 billion during the current quarter, representing a 30% increase over the quarterly average since 2015. This funding supports spending by major tech companies and cloud computing providers such as SpaceX and Oracle. Since the start of the year, global bank borrowing has totaled around $192 billion, with projections reaching $233 billion this year. Additionally, U.S. banks have issued bonds worth $294 billion, amid rising borrowing costs and debt challenges faced by tech companies.
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