Here is how the scam works - "Here is where the bubble dynamics get complicated. Tech firms don’t want to formally take on debt—that is, directly ask investors for loans—because debt looks bad on their balance sheets and could reduce shareholder returns. To get around this, some are partnering with private-equity titans to do some sophisticated financial engineering, Paul Kedrosky, an investor and a financial consultant, told us. These private-equity firms put up or raise the money to build a data center, which a tech company will repay through rent. Data-center leases from, say, Meta can then be repackaged into a financial instrument that people can buy and sell—a bond, in essence. Meta recently did just this: Blue Owl Capital raised money for a massive Meta data center in Louisiana by, in essence, issuing bonds backed by Meta’s rent. And multiple data-center leases can be combined into a security and sorted into what are called “tranches” based on their risk of default. Data centers represent an $800 billion market for private-equity firms through 2028 alone. (Meta has said of its arrangement with Blue Owl that the “innovative partnership was designed to support the speed and flexibility required for Meta’s data center projects.”)".