Bank of America's latest report indicates that by 2030, core AI infrastructure players such as Microsoft, Amazon, Google, and Meta will have a total external financing demand of $1.2 trillion to $1.5 trillion. If debt is the primary financing channel, it is expected to bring over $300 billion in incremental supply to the credit market annually, potentially even reaching $500 billion in the short term. Goldman Sachs also estimates that global direct debt issuance by hyperscale cloud service providers will reach $420 billion in 2027, an increase of over 60% from the estimated $250 billion in 2026. The report emphasizes that, with the exception of Microsoft, all other major hyperscale cloud service providers have fallen into negative free cash flow, and future capital expenditure expansion will almost entirely depend on external financing. Furthermore, the AI financing system includes up to $3.1 trillion in off-balance sheet commitments and obligations, with $1.3 trillion added in just three months. Chip suppliers like NVIDIA and Broadcom are transforming hard-to-finance assets into financeable ones through mechanisms such as guarantees, but are also quietly accumulating significant contingent liabilities on their own balance sheets. For example, Broadcom's peak residual value guarantee exposure could reach approximately $370 billion by mid-2029. The report also warns that the rapid rise of open-source models has led to a cumulative decline of over 50% in the token prices of mainstream frontier models since their June peak, impacting their business logic and trillion-dollar IPO valuations.