New Chip Credit Boom Could Fuel Half-Trillion Debt Race to Power AI Data Centers

Citadel Securities forecasts more than $500 billion of AI-chip financing debt in public and private markets by 2028 to fund chip-making data centers, with most issuance expected as short-dated 3–5 year debt and some via 144A private placements. The surge would be one of the largest new sectors in investment-grade credit, potentially reshaping portfolios and spreads as hyperscalers and AI labs burn cash and rely on backstops from big firms (e.g., Anthropic/OpenAI financing backed by Broadcom).