# The AI Capex Ledger: Who Pays, Who Earns, and What the Bond Market Is Missing

> Source: <https://geometricinvestor.substack.com/p/the-ai-capex-ledger>
> Published: 2026-06-13 20:22:22+00:00

Article URL: 
https://geometricinvestor.substack.com/p/the-ai-capex-ledger

Comments URL: 
https://news.ycombinator.com/item?id=48521048

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