NVIDIA issued $28B in corporate bonds
NVIDIA, despite generating substantial revenue from chip sales, issued $28 billion in corporate bonds to help fund its CapEx ambitions.
Snapshot · Excess Returns
Andy Constan on the SpaceX IPO, AI CapEx, and the End of the Buyback Tailwind
Explore episode
Jun 16, 2026
Where this was said
The 600 to 700 billion dollar shift in share supply
At 28:20 · chapter starts 26:42
The AI investment thesis requires tokens to create disinflationary growth — more output for the same cost. If AI displaces workers instead, aggregate demand collapses and the math breaks. [1] — Andy Constan "AI tokens must either create more output for the same cost — disinflationary growth — or they lower costs by firing people. If workers are …" 30:08
AI CapEx running at ~$1T/year
AI-related capital expenditure is running at approximately $1 trillion per year and growing, forcing hyperscalers to raise capital through bonds, equity, and reduced buybacks.
The Economic Test That AI Must Pass
AI tokens must either create more output for the same cost — disinflationary growth — or they lower costs by firing people. If workers are fired, who buys the output? The macro math only works if AI grows the pie without destroying the purchasing power of the workers who consume it.
Disinflationary vs. deflationary AI outcome
The AI investment thesis only works macroeconomically if tokens produce more output for the same cost (disinflationary growth); if they merely replace workers, aggregate demand collapses.
Historical Productivity Miracles Always Hit a Wall
Every productivity revolution — coal, railroads, assembly lines, the internet — follows the same arc: an initial boom as the tool deploys, then a plateau once it's fully implemented. China urbanized its farms and tripled output, then growth stopped. AI will likely follow the same script.
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