"AI-Era Financial Innovation": CDO vs CCO = 2008 vs 2026?

The current AI boom is not fundamentally a technology cycle, but a credit and real estate cycle driven by "compute as collateral" (CCO). Nvidia and private giants have built a $500 billion financing platform that securitizes and distributes risk. With the inflection point in hyperscaler capital expenditure growth (second derivative) already emerging, and key borrowers like OpenAI overly reliant on refinancing, this credit architecture—highly isomorphic to the 2008 subprime crisis—is prone to rupture when growth slows.