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26 min
Follow the Money: Decoding AI's Capital Stack
February 18, 2026
Hyperscalers are spending, but when will this capex help companies to improve returns? In this episode, Sean Kenney sits down with guests Erica Zieba and John Haddad to delve into the massive capex expansion in 2026, focusing on the underlying funding arrangements and, ultimately, generating returns. They also share examples on how equity and fixed income investors are working together to understand what it means across the capital structure and sectors. Listen in for unique insights to help you identify opportunities as well as warning flags.
Hyperscalers are spending, but when will this capex help companies to improve returns? In this episode, we zoom out to consider how the massive capex expansion impacts corporate capital structures, ways to assess the differences between companies, and why cross-sector collaboration is key to building investment confidence during uncertain times.
