PANews reported on January 16th that Payden & Rygel economist Jeffrey Cleveland stated in a report that most AI-related spending comes primarily from companies' own cash flow, rather than excessive borrowing. He noted, "While we closely monitor corporate leverage—a common leading indicator before an economic downturn—current debt growth remains relatively moderate compared to historical periods of excessive expansion." Cleveland believes the AI boom is unlikely to turn into a bubble, stating, "For investors, the real risk today may not be entering too late, but exiting the theme too early."