In this week's episode of WSJ’s Take On the Week, co-hosts Gunjan Banerji and Telis Demos discuss the lingering economic impact of the U.S. government shutdown and why a lack of crucial inflation and jobs data is making the outlook murky for the Federal Reserve. Next, Nvidia is set to report its third-quarter earnings this week. And Morgan Stanley estimates that only half of the roughly $3 trillion in global data center spending through 2028 could be funded by projected cash flows. So how are tech companies going to fund the rest? 

Then after the break, Telis is joined by Guy LeBas, chief fixed income strategist at wealth management and investment banking firm Janney Montgomery Scott, to explore how the AI revolution will be financed. Oracle, Meta and Google parent Alphabet have made bond offerings valued in the tens of billions. LeBas explains that the trillions needed to help fund data centers will force tech hyperscalers to issue massive new debt, potentially increasing the size of the corporate bond market by 20% a year. And he talks about whether the AI bubble could find its way into the bond market.

This is WSJ’s Take On the Week where co-hosts Gunjan Banerji, lead writer for Live Markets, and Telis Demos, Heard on the Street’s banking and money columnist, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead.

As we look ahead to 2026, what major economic, markets or finance question is top of mind for you? We’d love to hear from you. Email the show at <a href="mailto:takeontheweek@wsj.com">takeontheweek@wsj.com</a>.

To watch the video version of this episode, visit our <a href="https://www.youtube.com/@WSJPodcasts/podcasts">WSJ Podcasts YouTube channel</a> or <a href="https://www.wsj.com/video/series/wsj-take-on-the-week?mod=WSJ_TOTWPOD">the video page of </a><a href="http://wsj.com">WSJ.com</a>

Further Reading

<a href="https://www.wsj.com/finance/investing/who-will-pay-for-the-ai-revolution-retirees-67b9f1a2?mod=WSJ_TOTWPOD">Who Will Pay for the AI Revolution? Retirees</a>
<a href="https://www.wsj.com/tech/ai/is-the-flurry-of-circular-ai-deals-a-win-winor-sign-of-a-bubble-8a2d70c5?mod=WSJ_TOTWPOD">Is the Flurry of Circular AI Deals a Win-Win—or Sign of a Bubble?</a>
<a href="https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-10-30-2025/card/meta-launches-jumbo-bond-sale-stock-slides-after-earnings-CHrMRQGSkyErYC5CkoRx?mod=WSJ_TOTWPOD">Meta Finishes Jumbo Bond Sale; Yield Climbs While Stock Slides</a>
<a href="https://www.wsj.com/finance/investing/blackrock-etfs-among-biggest-investors-in-metas-giant-data-center-debt-deal-087fe671?mod=WSJ_TOTWPOD">BlackRock Among Biggest Investors in Meta’s Giant Data-Center Debt Deal</a>
<a href="https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-10-31-2025/card/ai-borrowing-floods-debt-markets-7Ds5YnpFcxTtOGm49sPL?gaa_at=eafs&gaa_n=AWEtsqdnZtiqsxnM5UGrY7iyMKYf8Q36fkA6w19bb8_32-FGy6eKaxnvkmeqwQQqRgY%3D&gaa_ts=69120d8e&gaa_sig=wADAZ3WkreSkLPvo7jriRlaAaliXKPQSX4wZiNuj9x_mxhNEFmaV5uzMgP8qLHcvnQRtL8P60XteYjS2ZgfikA%3D%3D?mod=WSJ_TOTWPOD">AI Borrowing Floods Debt Markets</a>
<a href="https://www.wsj.com/tech/ai/big-tech-is-spending-more-than-ever-on-ai-and-its-still-not-enough-f2398cfe?mod=WSJ_TOTWPOD">Big Tech Is Spending More Than Ever on AI and It’s Still Not Enough</a>
<a href="https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-09-24-2025/card/oracle-s-18-billion-bond-sale-meets-strong-investor-demand-ZMb3Cw8BsUQ9Vm0rO3My?mod=WSJ_TOTWPOD">Oracle's $18 Billion Bond Sale Meets Strong Investor Demand</a>

For more coverage of the markets and your investments, head to <a href="https://www.wsj.com/?mod=WSJ_TOTWPOD">WSJ.com</a>, <a href="https://www.wsj.com/news/heard-on-the-street?mod=WSJ_TOTWPOD">WSJ’s Heard on The Street Column</a>, and <a href="https://www.wsj.com/finance?mod=WSJ_TOTWPOD">WSJ’s Live Markets blog</a>.

Sign up for the WSJ's free <a href="https://www.wsj.com/newsletters/markets-am?mod=WSJ_TOTWPOD">Markets A.M. newsletter</a>. 

Follow Gunjan Banerji <a href="https://www.instagram.com/gunjansb/?hl=en">here </a>and Telis Demos <a href="https://www.linkedin.com/in/telis-demos-b88b741">here</a>. 
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