Corporate mega-caps (Microsoft, Apple) with massive free cash flow can finance AI capex through equity issuance or retained earnings without leveraging the bond market, giving them structural advantage over smaller players that must borrow.

factualpending

Speaker

Jeffrey Sherman

Evidence Quote

Most of it was done through equity issuance of that of names or the megas having just massive free cash flow, right? So, they've got money to burn.

Source

Jeffrey Sherman and Jason Draho: How Should I Be Positioned? | UBS On-AirDoubleLine Capital
Created: 8/12/2026, 10:36:49 PM

My Notes

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