AI Companies Issued $236 Billion of Debt in Just Five Months.
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AI borrowing is rising fast. Famous economist Jim Rickards explains why that could matter more than the technology itself in a new free presentation.
Baltimore, MD, July 13, 2026 (GLOBE NEWSWIRE) — Most of the attention on artificial intelligence has gone to the technology itself. The models, the chatbots, the breakthroughs that seem to land every few weeks. But another number has started to catch the eye of people who watch corporate balance sheets for a living.
Over the first five months of 2026, companies tied to artificial intelligence took on roughly $236 billion in new debt.
Economist and former government advisor Jim Rickards has built a free presentation around that figure. His point is simple. How the AI boom is being paid for may end up telling us more than any product demo ever could.
Rickards notes that banks and private lenders keep inventing new ways to keep the money flowing, with fresh financing arrangements built specifically to fund AI projects. For him, all of it points to one question that rarely makes the headlines. Why does an industry this celebrated need to borrow this heavily?
An Industry Running on Borrowed Money
Powerful artificial intelligence is expensive to build. Companies are pouring money into the physical side of AI long before they can see what it will earn them. Warehouses full of computing hardware. Enormous amounts of electricity. The systems needed to tie it all together.
Most of that money goes out the door years ahead of any profit. Companies are betting demand will eventually catch up with the cost. Rickards thinks that bet is worth questioning. “Technology changes quickly,” he says in his presentation. “Balance sheets don’t.”
The Question Has Changed
For a long time, the excitement around AI was about what it could do. New tools, splashy partnerships, models that could write and reason. Investors are now asking something less glamorous. How much are these companies borrowing, how fast are the bills piling up, and when does any of it start paying for itself?
Rickards believes that change in focus is the real story. In his view, the debate is moving away from what AI can accomplish and toward whether the finances behind it hold up.
Raising Money Is Easy. Paying It Back Is Not.
Rickards is quick to say he isn’t betting against artificial intelligence. He thinks it could reshape the economy in real ways. What worries him is the distance between borrowing and earning.
Raising billions hasn’t been the hard part. Companies have shown they can do that. The harder part comes later, when the debt has to be repaid out of actual profits. Rickards believes many AI companies haven’t yet proven they can clear that second hurdle, and that investors may start demanding proof sooner than anyone expects.
A Date Worth Circling
Rickards keeps coming back to one point on the calendar. Around July 29, a wave of major AI companies will report their latest quarterly numbers. Investors will hear updated figures on spending, on financing, and on how much customers are actually paying.
For Rickards, those reports could show whether all that borrowed money is turning into real income, or whether the gap between the two is only getting wider.
Inside the Presentation
Rickards recently put out a free online presentation making the case that the money side of AI deserves as much attention as the technology.
He walks through the jump in AI borrowing, the reasons companies keep reaching for more capital, what the latest moves might mean for everyday investors, and why he thinks the next few weeks could test one of the market’s favorite stories.
You can watch the full presentation online HERE.
About Jim Rickards
Jim Rickards is an economist and investment strategist who has spent decades studying financial markets, monetary policy, and systemic risk. His career has included advisory work with the U.S. Treasury, the Department of Defense, and the U.S. intelligence community. Today he researches emerging financial trends and the major shifts that could shape the global economy.
Paradigm Press is one of the most widely read independent financial research publishers in the United States, rated 4.8 stars on Google across more than 1,900 reviews. Free from advertiser influence, Paradigm Press is committed to helping everyday Americans understand the forces shaping their wealth.
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