(https://www.cnbc.com/2026/08/21/broadcom-debt-deal-expected-to-reach-upwards-of-70-billion-sources.html) and the Street is calling it a vote of confidence in the AI cycle. Wrong. When a company generating $18.8B in annual operating cash flow needs to *externally finance* a multi-year capex expansion, that's a tell that the *timing* of payoff is uncertain enough that management won't bet internal cash on it.

Research these companies