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For those who don't know the acronym: ZIRP = Zero Interest Rate Policy

And yes, when I saw the headline my first thought was "it's not AI, nobody is expanding their staff".

When interest rates are high, companies and investors don't take out loans, which means no capital for new projects.

> When interest rates are high, companies and investors don't take out loans

And yet companies borrowing for AI capex like never before - total amount of debt is staggering. And it’s not only likes of OpenAI/Anthropic, companies which had positive cash flow for many years started to borrow too.

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