By Lucy Raitano and Amanda Cooper

LONDON (Reuters) -AI fever has propelled global stocks to record highs, but the data centres needed to power the promised revolution are increasingly being financed with complex debt that investors are scouring for signs of a bubble.

Enthusiasts say that unlike previous episodes of market mania – such as the dotcom boom of the late 1990s – this one is driven by companies that are profitable, have deep pockets and an undeniable business case.

Now, however, some observers including the Bank of England say pockets of risk are building in parts of the financial system populated by opaque, hard-to-trade illiquid assets.

Here are five charts that show the emerging story of the debt funding AI’s race for space.

1) AI INVESTMENT GRADE BORROWING EXPLODES

BofA

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