SpaceX wants to borrow $40 billion to buy Nvidia chips, a deal that looks good for Musk and Wall Street lenders and risky for the pension funds being asked to hold the debt.

• SpaceX is raising $40 billion in bank loans and bonds to fund AI data centers, with Apollo leading the deal.
• The bonds carry one of the lowest investment-grade ratings, and insurers and pension funds are the intended buyers.
• This is money going in a circle: AI companies borrow to buy chips, which makes the chipmakers look stronger, which justifies more borrowing.
• Musk's wealth has more than doubled in a year, making him the only trillionaire and worth triple the next-richest people.
• Meanwhile prices for groceries, rent, and homes keep rising, and in France 250,000 people protested over school cuts as the government's budget math stops working.

Outlook: Expect more AI-driven borrowing and more anger from people who feel costs are rising while the gains go to the top.