The speaker says that at the time of the conversation, debt markets were effectively closed for multi-billion-dollar GPU financing, with large debt deals not getting done.

“When we were-- W-we talked a little bit about, like, debt and credit markets. Like, right now, you wanna go raise multi-billion dollar debt for GPUs?”

“No bid. No bid. They're-- Like, debt markets are closed. There are, you know, big debt deals that aren't happening, right? Almost the equivalent of, like, an IPO getting pulled, big debt deals aren't happening.”