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The data-center buildout just got more expensive. The Fed’s quarter-point rate increase will likely add to the already substantial borrowing costs for the tech firms that are taking on massive amounts of debt to construct the infrastructure needed to power the artificial intelligence revolution. It’s no secret that building data centers is expensive.

A markets mystery has perplexed some analysts this year: Why are stocks sitting near all-time highs while the global economy is rocked by geopolitical conflict and inflation pressures?