Will AI mature like search or social media, where providers capture most of the value? Private credit investors fund those SPVs, betting on the rental income AI providers project from their data centers. Cheaper Chinese AI models won’t match the most sophisticated U.S. systems anytime soon. If the major AI providers miss those targets, investors will pull back, and the economic boom the AI engine created could stall or reverse. Adoption headlines get the attention, but the debt behind the data centers will decide who actually captures the value AI creates.