The Debt That Isn't There: AI's Boom
The cycle's largest credit build was created where no instrument can see it — off the banks, off the balance sheet, beneath the numbers that track what we owe.
June 9, 2026The Signal Report · Premium Tier · 29 May 2026
Something in this market resists the stories told about it. The indices keep printing highs that feel hollow — strip out a dozen names and the broad market's gone nowhere in two years. The thirty-year Treasury yields what it last yielded in 2007, and the explanations arrive on schedule: a passing oil shock, sticky inflation, the longer and darker account of American decline. Each explains part of the move; none of them closes. And underneath the unease about yields sits a quieter one, harder to name — a sense that the thing holding all of this up is borrowing, on a scale no one quite specifies, in places no one quite points to. The debt is discussed everywhere and located nowhere. That's the thread worth pulling.
