That dynamic has been flipped upside down, with tech companies today largely focused on expensive physical assets that, in some ways, look decidedly old-economy. That's forcing some hyperscalers and others to look beyond their own free cash flow to a mix of debt and equity financing from the financial markets in order to keep funding their big AI plans. The result: Tech companies are finding it more expensive than ever to access the money they need. Tech now pays a 16% premium to issue debt relative to the ...