Oracle just closed a $16 billion financing package for a massive data center in Saline Township, Michigan. If you own tech stocks, this deal is worth paying attention to—not because of Oracle, but because of what it says about who's making money in the AI infrastructure boom.

Here's the breakdown: Bank of America sold $14 billion in bonds backed by the project. Pimco—one of the world's largest bond investors—bought roughly $10 billion of them. The bonds carry a 7.5% coupon and mature in 2045. That's a 20-year lock on a very attractive yield in today's market.

For context, 7.5% is expensive money for infrastructure. It's higher than what most investment-grade companies pay for debt, and it signals that lenders see risk here. Whether that's construction risk, tenant risk, or just the general uncertainty around AI data centers, someone is getting paid a premium to take it on.

The tenant for this facility is Oracle, which plans to use the campus to power applications for OpenAI. The equity side of the deal includes Related Digital and Blackstone, which put in about $2 billion combined. So while Oracle gets the headlines, the real winners here are the lenders and private equity firms collecting fees and interest.

This is the follow-the-money part: if you're investing in the AI boom, you can either bet on the companies using the infrastructure (like OpenAI or Oracle), or you can bet on the companies financing and building it. The latter group is already getting paid, regardless of whether the AI applications ever generate a return.

Blackstone has been one of the biggest players in data center real estate, and deals like this show why. They put up equity, collect management fees, and eventually flip the asset or take it public. Meanwhile, bondholders like Pimco are locking in high yields with relatively predictable cash flows, assuming keeps paying rent.