(Photo by Gwen King on Unsplash)

The latest issue of Complex Machinery is out.

For the last Complex Machinery of 2025, I skipped the "year in review" and "2026 predictions" cliches to focus on the usual: explaining recent AI news in my own special way.

This time around? It's all about debt and performances.

As genAI companies take out massive loans and issue bonds, the CDS markets may serve as a much-needed counterpoint to the typical "everything is fine" messaging.

"A mortgage for the performance venue" the full story.

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