The Financial Post reports in its Saturday edition that the Bank for International Settlements says the race to build artificial intelligence infrastructure could lead to market disruptions. A Bloomberg dispatch to the Post reports that the increasing financial ties between major tech firms and AI developers raise the risk of broader financial turmoil if productivity gains do not justify the massive investments. Tech companies are heavily investing in AI infrastructure for future growth, using a mix of bond issuance and complex financing. This has led to circular financing where companies building cloud infrastructure take equity stakes in AI developers in exchange for commitments to purchase computing capacity. The BIS notes that the current AI investment boom resembles past technology-driven cycles, such as the U.S. canal mania of the 1830s, the British railway mania of the 1840s and the dot-com boom of the late 1990s, all of which ended in sharp corrections and economic disruption. The scale and rapidity of the AI investment race suggest any fallout could be bigger. Analysts at JPMorgan and Goldman Sachs estimate AI-related spending to approach $6-trillion by 2030, much of which will be financed with debt.