Money Stuff: The Podcast Kinda Spooky: META, AI, TSLA
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Oct 31, 2025 This lively discussion dives into the spooky world of AI capital spending and Meta's ambitious data center plans. The hosts explore intriguing project finance structures that keep costs off balance sheets. They also unpack OpenAI's evolving governance and its potential IPO for hefty compute expenses. Plus, there's a deep dive into Elon Musk's controversial pay package and the Tesla succession debate. Sprinkle in some Halloween costume chatter and amusing JPMorgan HQ anecdotes, and you've got a captivating mix of tech and finance!
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Tech Is Becoming Capital Intensive
- Big tech AI buildouts are shifting firms from capital-light to capital-intensive businesses.
- Companies use bonds, hybrid JVs, and project finance to fund massive data-center spending while preserving ratings.
Project JVs Mask Debt While Raising Capital
- Meta and others use off-balance-sheet project JVs to finance data centers without hurting credit ratings.
- These deals structure contracts to look like debt to bond buyers while staying outside corporate debt metrics.
Private Credit Moves Into Investment Grade
- Private-credit firms are pivoting from sponsor lending to investment-grade project finance to deploy large pools of capital.
- These firms can structure unique deals that public bond investors typically can't buy into directly.