The case for money as the AI boom’s next bottleneck

Funding could become the AI boom’s next constraint after chips, power and memory, Semafor’s Liz Hoffman argues. She cites tougher terms sought by investors on Volta’s $5 billion Norwegian data center, falling CoreWeave bonds and a financier who said the risk-return math no longer made sense. AI infrastructure spending remains strong, but Hoffman says lenders are growing more wary.