Hyperscalers face a tougher funding backdrop: they need to raise more debt and equity just as returns on both have lagged, complicating capital plans. Conor Sen

Hyperscalers face a tougher funding backdrop: they need to raise more debt and equity just as returns on both have lagged, complicating capital plans. Conor Sen says the mismatch comes as capital needs rise and big-tech cash-flow dynamics shift.