In a rural pocket of northeastern Louisiana, Meta is building a $30 billion data center called Hyperion. But it’s not being completely financed with Meta’s own money. Today on the show, the opaque system of AI data center financing and why it’s fueling fears of a bubble.

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For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org . Fact-checking by Sierra Juarez . Music by Drop Electric . Find us: TikTok , Instagram , Facebook , Newsletter .

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