[Economist: AI-related spending mainly comes from corporate cash flow rather than excessive borrowing] Jeffrey Cleveland, an economist at Payden & Rygel, stated in a report that most AI-related spending primarily comes from corporate cash flow rather than excessive borrowing. He noted: 'Although we closely monitor corporate leverage—a common leading indicator before economic downturns—the current debt growth remains relatively moderate compared to periods of excessive expansion in history.' Cleveland believes the AI boom is unlikely to evolve into a bubble and remarked: 'For investors, the real risk today may not be entering too late, but exiting this theme too early.'