Chart packs on markets, AI infrastructure and the capital behind it.
006Who sets the price of a token?
DeepSeek’s newest model claims top-tier scores on agentic coding at OpenAI’s budget-tier price. What earlier DeepSeek releases did to US token prices, and what this one might do.
005Can markets fund the AI buildout?
Packs 001–004 added up: about $1.54T of debt or equity through 2030, set against government borrowing, mortgages and the markets that would have to supply it.
004Who funds the labs?
OpenAI and Anthropic are the customers behind packs 001–003. What each still has to raise to pay for its compute, and how much of that money comes from the companies selling it to them.
003The leveraged middle
Oracle and SpaceX build like hyperscalers but fund like neoclouds. What each needs from outside, and who’s lending.
002Who funds the neoclouds?
CoreWeave, Nebius, IREN, Lambda and Nscale need about $623B of capex through 2030. What prepayments and cash flow cover, what has to be borrowed, and what that money costs now.
001Who pays for the AI buildout?
Capex the four hyperscalers need through 2030, and how much of it operating cash flow can’t cover.