The credit markets may have had their fill of record borrowing for data centers, but tech companies aren't done yet. Citadel Securities LLC is forecasting another $500 billion-plus of debt in the public and private markets by 2028 to bankroll the chips that go inside the artificial intelligence campuses. The massive borrowing push underscores the insatiable demand for AI infrastructure and the semiconductor supply chain powering it. As hyperscalers and AI startups race to build out computing capacity, the debt needed to fund chip production and procurement continues to climb.

Citadel's projection highlights how the AI boom shows no signs of slowing capital flows, even as broader credit markets grapple with elevated borrowing levels elsewhere.