Gavin Baker, portfolio manager at Atreides Management and a closely followed voice on artificial intelligence infrastructure, argued on the Invest Like the Best podcast that Wall Street is misreading the balance sheets of the largest AI spenders. His claim: Microsoft, Amazon, and Alphabet may not need the levels of debt consensus is modeling to fund ... Expert AI Investor: Wall Street Has it Wrong. Microsoft, Amazon, and Google Won’t Need Massive Amounts of Debt.