Systemic risk is on the record

• Stargate stalled. Unveiled at the White House in Jan 2025 — a year later it had hired no staff and stalled over financing. Oracle is building ~7.1GW for one tenant against a ~$340B construction bill.
• Broadcom pledged 10GW to OpenAI through 2029 (1.3GW in 2027) — vendor financing layered on vendor financing.
• OpenAI own CFO warned executives (Apr 2026) the company might struggle to finance compute deals if revenue growth slows.
• Alphabet raised $80B in stock sales for AI — capital intensity now reaches even the profitable giants.
• Nvidia swallowed Hugging Face — the open ecosystem consolidated by the chip monopoly.