Leverage

The standing watch on the debt behind the AI infrastructure buildout: what the bonds trade at, what the funds report them worth, and how much leverage the filings do and do not show.

Bond Price Watch — Daily FINRA TRACE prints and quarterly fund marks for the bonds that finance the buildout, with computed yields and the gap between the market and the marks.

AI Infrastructure Leverage Monitor — The weekly forensic report on the financing stack: corporate debt, off-balance-sheet obligations, project bonds, and the counterparties the filings name and do not name. Latest issue: 11 October 2026 (PDF).

Earlier issues: 4 October 2026 · 29 September 2026 · 28 September 2026 · 27 September 2026