Founder's Digest · Week of July 17, 2026
AI capex accelerates as legacy IT cracks and chip sentiment turns selective
- The $1.8 Trillion Off-Balance-Sheet Debt Question Deepens as Leverage DoublesHere is the contradiction most investors are holding in their heads right now without noticing it.
- Hyperscalers Turn on Their Own Suppliers as the Race to Cheaper AI Reshapes the StackHere is the contradiction most people holding these stocks haven't resolved.
Threads we are following
- Whether AI-related credit spreads widen further under Q2 bond supply, and if more hyperscalers follow Meta past the CDX IG benchmark
- Whether Nvidia's ~75% gross margin holds now that it is funding companies built to route customers away from premium closed models running on its most profitable hardware.
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