AI-Related Debt Sales Are Near $500 Billion. Meta and CoreWeave Show Why the Same Boom Creates Two Different Risks

AI infrastructure is becoming a credit story as much as a technology story. Reuters Breakingviews reported that AI-related debt issuance had reached nearly $500 billion by early August, about one-fifth of higher-rated U.S. issuance this year versus roughly 1% in 2024. Meta Platforms, Inc. (NASDAQ:META) and CoreWeave, Inc. (NASDAQ:CRWV) sit at opposite ends of that financing spectrum. Both need staggering amounts of compute. Only one can fund most mistakes from a giant advertising machine. Meta can borrow against cash flow. CoreWeave borrows against the build Meta's advantage is balance-sheet depth. Its advertising business can support AI capex before every new data center proves its individual return. Meta Platforms, Inc.