If 2025’s A.I. frenzy was merely bonkers then we are now entering the territory of bonkers squared — or perhaps even bonkers cubed.

 

This Is How the A.I. Debt Binge Sinks the Economy

By Robin Wigglesworth

Mr. Wigglesworth is an editor at the Financial Times. His forthcoming book is “A Fabulous Debt: The Epic Story of How Bonds Built the Modern World.”