Miriam Wheeler

The AI infrastructure buildout (hard assets like data centers, power, and related capital expenditure) represents a generational opportunity, driven by a doubling of power demand for data centers over the next few years and $600 billion in AI capex from hyperscalers this year alone. This theme is dominating the high yield market, accounting for over 20% of issuance, and investors should focus on financing this capex across credit markets.