The AI arms race is heating up, and its effects are starting to show up where investors actually care – on the Big Tech balance sheets.According to UBS, global AI capex is now expected to hit $423 billion in 2025, and$571 billion in 2026. By 2030, UBS expects spending to reach $1.3 trillion, implying a 25% compound annual growth rate.Those numbers aren't abstract anymore. They're turning into debt issuance, lease obligations, and quietly rising financial risk. The era of funding AI infrastructure with exce ...