The report argues that AI infrastructure spending is on track to exceed $2 trillion annually by 2028, with cumulative investment reaching roughly $11.1 trillion between 2024 and 2029. Financing those projects will require a massive expansion of credit markets, which could result in a cumulative collective AI-related debt of $7 trillion by the end of the decade.
With deals reaching into the multibillion-dollar range, banks and venture funds simply don’t have that kind of money. Enter Nvidia. As of the first fiscal quarter of 2027 ended April 26, 2026, Nvidia was sitting on roughly $80.5 billion in cash, cash equivalents, and short-term investments.
After data center capacity constrained AI expansion in 2025 and chip supply became the limiting factor in early 2026, financing has emerged as the next major obstacle to scaling AI infrastructure. “It is clear that financing will now be one of the most significant obstacles to ramping large-scale compute broadly available to everyone,” the authors wrote.
