{"id":"https://openalex.org/W7225233564","doi":"https://doi.org/10.5281/zenodo.23945408","title":"Credit Support and Debt Expansion in AI Infrastructure","display_name":"Credit Support and Debt Expansion in AI Infrastructure","publication_year":2026,"publication_date":"2026-11-04","ids":{"openalex":"https://openalex.org/W7225233564","doi":"https://doi.org/10.5281/zenodo.23945408"},"language":"en","primary_location":{"id":"doi:10.5281/zenodo.23945408","doi":"https://doi.org/10.5281/zenodo.23945408","is_oa":true,"landing_page_url":"https://doi.org/10.5281/zenodo.23945408","pdf_url":null,"source":{"id":"https://openalex.org/S4306400562","display_name":"Zenodo (CERN European Organization for Nuclear Research)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I67311998","host_organization_name":"European Organization for Nuclear Research","host_organization_lineage":["https://openalex.org/I67311998"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Preprint"},"volume":null,"type":"preprint","indexed_in":["datacite"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.5281/zenodo.23945408","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5101033933","display_name":"Fuli Yang","orcid":"https://orcid.org/0009-0005-4055-7561","observed_orcids":["https://orcid.org/0009-0005-4055-7561"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Yang, Fuli","raw_affiliation_strings":["GARCH Institute"],"raw_orcid":"https://orcid.org/0009-0005-4055-7561","affiliations":[{"raw_affiliation_string":"GARCH Institute","institution_ids":[]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5141209589","display_name":"Jing Huang","orcid":"https://orcid.org/0009-0004-8120-1652","observed_orcids":["https://orcid.org/0009-0004-8120-1652"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Huang, Jing","raw_affiliation_strings":["GARCH Institute"],"raw_orcid":"https://orcid.org/0009-0004-8120-1652","affiliations":[{"raw_affiliation_string":"GARCH Institute","institution_ids":[]}]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":0.7616999745368958,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":0.7616999745368958,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.07460000365972519,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.044599998742341995,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/credit-support","display_name":"credit support","score":0.9810000061988831},{"id":"https://openalex.org/keywords/ai-infrastructure","display_name":"AI infrastructure","score":0.734000027179718},{"id":"https://openalex.org/keywords/debt-guarantee","display_name":"debt guarantee","score":0.492000013589859},{"id":"https://openalex.org/keywords/public-funding","display_name":"government funding","score":0.3100000023841858}],"concepts":[{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.6467000246047974},{"id":"https://openalex.org/C159091798","wikidata":"https://www.wikidata.org/wiki/Q157165","display_name":"Creditor","level":3,"score":0.5764999985694885},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.5716000199317932},{"id":"https://openalex.org/C26869875","wikidata":"https://www.wikidata.org/wiki/Q2596417","display_name":"Beneficiary","level":2,"score":0.5523999929428101},{"id":"https://openalex.org/C2777764128","wikidata":"https://www.wikidata.org/wiki/Q189539","display_name":"Loan","level":2,"score":0.5393999814987183},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5354999899864197},{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.4442000091075897},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.39649999141693115},{"id":"https://openalex.org/C2778114724","wikidata":"https://www.wikidata.org/wiki/Q1365583","display_name":"Bad debt","level":3,"score":0.3783999979496002},{"id":"https://openalex.org/C2779777834","wikidata":"https://www.wikidata.org/wiki/Q4202277","display_name":"Enforcement","level":2,"score":0.37689998745918274},{"id":"https://openalex.org/C69637215","wikidata":"https://www.wikidata.org/wiki/Q702362","display_name":"Default","level":2,"score":0.3659999966621399},{"id":"https://openalex.org/C202451310","wikidata":"https://www.wikidata.org/wiki/Q328554","display_name":"Accounts receivable","level":2,"score":0.350600004196167},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.34439998865127563},{"id":"https://openalex.org/C165060548","wikidata":"https://www.wikidata.org/wiki/Q555344","display_name":"Loan-to-value ratio","level":5,"score":0.3337000012397766},{"id":"https://openalex.org/C144559511","wikidata":"https://www.wikidata.org/wiki/Q2986279","display_name":"Principal (computer security)","level":2,"score":0.32170000672340393},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.3138999938964844},{"id":"https://openalex.org/C2776034101","wikidata":"https://www.wikidata.org/wiki/Q1509347","display_name":"Commission","level":2,"score":0.299699991941452},{"id":"https://openalex.org/C2779530757","wikidata":"https://www.wikidata.org/wiki/Q1207505","display_name":"Quality (philosophy)","level":2,"score":0.2870999872684479},{"id":"https://openalex.org/C2780414751","wikidata":"https://www.wikidata.org/wiki/Q157470","display_name":"Debtor","level":4,"score":0.28630000352859497},{"id":"https://openalex.org/C4163816","wikidata":"https://www.wikidata.org/wiki/Q757382","display_name":"Insolvency","level":2,"score":0.2847000062465668},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.28049999475479126},{"id":"https://openalex.org/C138170105","wikidata":"https://www.wikidata.org/wiki/Q1337949","display_name":"Issuer","level":2,"score":0.2791000008583069},{"id":"https://openalex.org/C2778012447","wikidata":"https://www.wikidata.org/wiki/Q1034415","display_name":"Scope (computer science)","level":2,"score":0.2759999930858612},{"id":"https://openalex.org/C2779806880","wikidata":"https://www.wikidata.org/wiki/Q778470","display_name":"Probability of default","level":3,"score":0.2732999920845032},{"id":"https://openalex.org/C2778281098","wikidata":"https://www.wikidata.org/wiki/Q885383","display_name":"Deferral","level":2,"score":0.2721000015735626},{"id":"https://openalex.org/C201316295","wikidata":"https://www.wikidata.org/wiki/Q7302965","display_name":"Recourse debt","level":5,"score":0.2667999863624573},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.25999999046325684},{"id":"https://openalex.org/C69738904","wikidata":"https://www.wikidata.org/wiki/Q11693","display_name":"Bond","level":2,"score":0.2565999925136566},{"id":"https://openalex.org/C178350159","wikidata":"https://www.wikidata.org/wiki/Q162714","display_name":"Credit risk","level":2,"score":0.2506999969482422}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.5281/zenodo.23945408","doi":"https://doi.org/10.5281/zenodo.23945408","is_oa":true,"landing_page_url":"https://doi.org/10.5281/zenodo.23945408","pdf_url":null,"source":{"id":"https://openalex.org/S4306400562","display_name":"Zenodo (CERN European Organization for Nuclear Research)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I67311998","host_organization_name":"European Organization for Nuclear Research","host_organization_lineage":["https://openalex.org/I67311998"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Preprint"},{"id":"doi:10.5281/zenodo.23945409","doi":"https://doi.org/10.5281/zenodo.23945409","is_oa":true,"landing_page_url":"https://doi.org/10.5281/zenodo.23945409","pdf_url":null,"source":{"id":"https://openalex.org/S4306400562","display_name":"Zenodo (CERN European Organization for Nuclear Research)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I67311998","host_organization_name":"European Organization for Nuclear Research","host_organization_lineage":["https://openalex.org/I67311998"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Preprint"}],"best_oa_location":{"id":"doi:10.5281/zenodo.23945408","doi":"https://doi.org/10.5281/zenodo.23945408","is_oa":true,"landing_page_url":"https://doi.org/10.5281/zenodo.23945408","pdf_url":null,"source":{"id":"https://openalex.org/S4306400562","display_name":"Zenodo (CERN European Organization for Nuclear Research)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I67311998","host_organization_name":"European Organization for Nuclear Research","host_organization_lineage":["https://openalex.org/I67311998"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Preprint"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W7223070213","https://openalex.org/W7222960997","https://openalex.org/W7170081612","https://openalex.org/W7225169098","https://openalex.org/W7203775292","https://openalex.org/W7134920914","https://openalex.org/W7196955330","https://openalex.org/W7202090564","https://openalex.org/W7106384129","https://openalex.org/W7220709993"],"abstract_inverted_index":{"Credit":[0],"support":[1,28,42],"can":[2],"improve":[3],"the":[4,12,62,90,104,147],"quality":[5],"of":[6,14,79,107,122,151,189],"a":[7,22,38,113,133,186],"debt":[8,44,56,67],"claim":[9],"while":[10,109],"increasing":[11],"amount":[13],"risk":[15],"held":[16],"by":[17,99],"its":[18,65],"lenders.":[19],"We":[20],"develop":[21],"financing":[23,32,87,128,190],"model":[24],"with":[25,118,175],"fairly":[26],"priced":[27],"and":[29,89,144,149,180],"examine":[30],"public":[31],"records":[33],"for":[34],"AI":[35],"infrastructure.":[36],"Under":[37],"binding":[39],"loss-rate":[40],"ceiling,":[41],"expands":[43],"capacity;":[45],"sufficiently":[46],"large":[47],"borrowing":[48],"responses":[49],"raise":[50],"monetary":[51],"expected":[52],"lender":[53],"loss.":[54],"Convex":[55],"costs":[57],"limit":[58],"this":[59],"response:":[60],"once":[61],"borrower":[63],"reaches":[64],"preferred":[66],"level,":[68],"further":[69],"protection":[70,169],"reduces":[71],"loss":[72,165],"without":[73,192],"expanding":[74],"borrowing.":[75],"A":[76,153],"purposive":[77],"register":[78],"15":[80],"instruments":[81],"across":[82],"four":[83],"parent":[84],"groups":[85],"documents":[86],"quantities":[88],"obligations":[91],"allocating":[92],"shortfalls.":[93],"CoreWeave's":[94],"delayed-draw":[95],"loan":[96],"principal":[97],"increases":[98],"USD":[100,114,119],"3.972":[101],"billion":[102,121],"in":[103],"first":[105],"half":[106],"2026,":[108],"Applied":[110],"Digital":[111],"replaces":[112],"300":[115],"million":[116],"bridge":[117],"1.590":[120],"project":[123],"notes.":[124],"These":[125],"observations":[126],"establish":[127],"changes":[129],"rather":[130],"than":[131],"identify":[132],"causal":[134],"guarantee":[135],"effect.":[136],"Executed":[137],"contracts":[138],"show":[139],"that":[140],"acceptance,":[141],"enforcement":[142],"timing":[143],"refinancing":[145],"change":[146],"beneficiary":[148],"scope":[150],"support.":[152],"separate":[154],"exact":[155],"portfolio":[156],"experiment":[157],"isolates":[158],"common-provider":[159],"dependence,":[160],"holding":[161],"every":[162],"claim's":[163],"marginal":[164],"distribution":[166],"fixed.":[167],"Creditor":[168],"should":[170],"therefore":[171],"be":[172],"evaluated":[173],"jointly":[174],"chosen":[176],"debt,":[177],"contractual":[178],"eligibility":[179],"provider":[181],"concentration.":[182],"The":[183],"evidence":[184],"supports":[185],"contract-based":[187],"analysis":[188],"exposure":[191],"estimating":[193],"industry":[194],"default":[195],"probabilities":[196],"or":[197],"system-wide":[198],"losses.":[199]},"counts_by_year":[],"updated_date":"2026-11-06T12:05:46.655746","created_date":"2026-11-05T00:00:00"}
