--- title: You can't print energy... description: "zerohedge: \"The money is not the problem: AI is the new global arms race, and Capex will eventually be funded by governments (US and China). If you want to know why gold/silver/bitcoin is soaring, it's the \"debasement\" to fund the AI arms race. \n\nBut you can't print energy\"." image: https://blog.syzgroup.com/hubfs/1-Nov-11-2025-01-36-50-4678-PM.jpg --- [![Syz Private banking](https://blog.syzgroup.com/hs-fs/hubfs/Logo.png?width=140&name=Logo.png "Syz Private banking")](https://www.syzgroup.com/fr) ## **Thinking** out loud [Subscribe](https://25733253.hs-sites-eu1.com/newsletter-signup?hsLang=en) [![Contact Us](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2) - [OUR SERVICES](https://www.syzgroup.com/en/private-banking) - [ABOUT SYZ](https://www.syzgroup.com/en/about/welcome-to-syz) - [CAREERS](https://www.syzgroup.com/en/careers) - [PRESS](https://www.syzgroup.com/en/news) - [Blog Homepage](https://blog.syzgroup.com) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thoughts/tag/the-week-in-seven-charts) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Fixed Income Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Equity Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [CONTACT](https://www.syzgroup.com/en/contact-us/form) - [ENGLISH](https://www.syzgroup.com/) - [FRANÇAIS](https://www.syzgroup.com/fr) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [The week in seven charts](https://blog.syzgroup.com/slow-food-for-thoughts/tag/the-week-in-seven-charts) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Our Services](https://www.syzgroup.com/en/private-banking) - [About Syz](https://www.syzgroup.com/en/about/welcome-to-syz) - [Careers](https://www.syzgroup.com/en/careers) - [Press](https://www.syzgroup.com/en/news) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [English](https://www.syzgroup.com/) - [Français](https://www.syzgroup.com/fr) ## **Sign-up** for our newsletter This website uses cookies to enhance user navigation and to collect statistical data. 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The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. 11 Nov 2025 - - - #### You can't print energy... zerohedge: "The money is not the problem: AI is the new global arms race, and Capex will eventually be funded by governments (US and China). If you want to know why gold/silver/bitcoin is soaring, it's the "debasement" to fund the AI arms race. But you can't print energy". [#AI|](https://blog.syzgroup.com/syz-the-moment/tag/ai) [#energy](https://blog.syzgroup.com/syz-the-moment/tag/energy) ![You can't print energy...](https://blog.syzgroup.com/hubfs/1-Nov-11-2025-01-36-50-4678-PM.jpg) ![You can't print energy...](https://blog.syzgroup.com/hubfs/1-Nov-11-2025-01-36-50-4678-PM.jpg) #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [equities|](https://blog.syzgroup.com/syz-the-moment/tag/equities) [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) #### [OpenAI may be heading for another record-breaking funding round.](https://blog.syzgroup.com/syz-the-moment/openai-may-be-heading-for-another-record-breaking-funding-round?hsLang=en) The company has reportedly held early talks with investors about raising fresh capital at a staggering $1.2 trillion valuation—up from $852 billion in March. Why now? The launches of GPT-5.6 and Astra have reignited demand. OpenAI’s annualised revenue reportedly exceeded $40 billion, jumping 20% after GPT-5.6’s release. But extraordinary growth requires extraordinary capital. OpenAI spent around $34 billion last year, largely on computing infrastructure and model development. Another private round could provide the firepower needed to stay ahead of Anthropic, now valued at $965 billion and reportedly approaching profitability. It could also delay OpenAI’s IPO. Despite confidentially filing in June, Sam Altman recently suggested a listing is unlikely before 2027. The numbers are breathtaking: • $1.2 trillion potential valuation • $40+ billion annualised revenue • $34 billion annual spending The AI race is no longer just about models. It is becoming the largest capital race in corporate history. Source: FT **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 16/09/2026 [Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) #### [The largest AI borrowers are not weak credits](https://blog.syzgroup.com/syz-the-moment/the-largest-ai-borrowers-are-not-weak-credits?hsLang=en) JPM estimates hyperscaler gross leverage at roughly 1.6x, around half that of the broader investment-grade universe. Leverage even fell quarter over quarter despite debt rising 92% YoY, while stronger cloud revenue and operating profits are beginning to provide evidence that AI investment is being monetized. The risk is therefore not that the strongest AI companies cannot borrow. It is that the scale of the buildout could require them to absorb a much larger share of available capital. JPM estimates roughly $5.5tn of AI and data-center investment from 2026 through 2030, with only around $1tn covered by organic cash generation. Approximately $2.1tn could come through high-grade bonds, with the remainder funded through equity, structured markets, leveraged finance and alternative capital. AI is increasingly a capital-markets story, not just a technology story. Source: JPM **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 15/09/2026 [Food for Thoughts|](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thoughts) [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) #### [Michael Burry says OpenAI and Anthropic are faking the AI warnings due to slow growth ahead of IPOs](https://blog.syzgroup.com/syz-the-moment/michael-burry-says-openai-and-anthropic-are-faking-the-ai-warnings-due-to-slow-growth-ahead-of-ipos?hsLang=en) Below are his reasonings: 1. LLMs are not AI and won't be AGI. There is nothing AI to slow down. 2. Competition is coming up fast, slowing benefits incumbents. 3. IPOs need hype & puffery; "we are so awesome it could become dangerous" is hype & puffery 4. Cover for real uncontrollable slowing growth as IPOs look to be pushed out Source: Michael Burry Stock Tracker **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 15/09/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. [Discover more](https://blog.syzgroup.com/syz-the-moment) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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