Big Tech’s AI buildout is moving from cash-flow story to bond-market story, and Kevin Warsh’s first Fed meeting just made that shift harder to ignore. Nvidia doesn’t need the money. That is what makes its 25billionbondsaletheusefulstartingpoint.Thechipmakerfiledtosellinvestment−gradedebtforthefirsttimesince2021,thenupsizedthedealfrom25 billion bond sale the useful starting point. The chipmaker filed to sell investment-grade debt for the first time since 2021, then upsized the deal from 20 billion after investors put in more than $85 billion of orders, the Financial Times reported. Nvidia still has a balance sheet most...