The Buildout Goes Off-Balance-Sheet — Broadcom Backstops a Customer's $29bn Compute Lease, Amazon Reaches for a Delayed-Draw Loan, and Oracle Beats a Record and Falls 13%

Issue 11 said the AI trade had become a credit story. This week it became a structured-credit story. Broadcom's 10-Q reveals a ~$29bn, five-year non-recourse-like partnership with Apollo to backstop a customer's compute-lease obligations; Amazon — the company that funds itself from cash flow — quietly took a $17.5bn delayed-draw term loan; Ciena raised $2.875bn in zero-coupon converts. Underneath, the bellwethers told you why: Dell printed +757% AI-server revenue and froze hiring in the same filing; Broadcom's backlog is now $164.6bn of contracted RPO with the inventory already built to ship it. And the regime held — forecast [2026-06-05-001] confirms: Oracle reported record revenue, beat consensus, and fell ~13%. The financing of the buildout is migrating off the income statement onto structured paper — and the company that may define the next leg, SpaceX, just filed to go public as an AI-compute business.