An AI ‘debt bomb’ crisis? No. This isn’t Enron 2.0 | Gene Marks

Fears of a datacenter buildout debt crisis are exaggerated.

The risks are different than in the past and they are recoverable

Some experts are warning of a looming “debt bomb” crisis because big https://www.theguardian.com/us-news/datacenters--us-">datacenter builders such as https://investor.atmeta.com/investor-news/press-release-details/2025/Meta-Announces-Joint-Venture-with-Funds-Managed-by-Blue-Owl-Capital-to-Develop-Hyperion-Data-Center/default.aspx">Meta, https://www.fastcompany.com/91545823/oracle-and-the-ai-booms-hidden-debt-bomb">Oracle, https://www.datacenterdynamics.com/en/news/nvidia-to-invest-in-xai-special-purpose-vehicle-cash-to-be-used-to-buy-nvidia-gpus/">xAI and https://www.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3579057">CoreWeave are not only raising billions to construct these facilities but are also not recognizing these long-term debt obligations on their balance sheets.

Should we be concerned?

No.

I know because I’ve seen this movie before.