Behind the AI Bond Market Frenzy: Can Manufacturing Yield Economics Hold Up?

Had dinner last week with an old friend from BYD's production line. He's stressing out over a new battery inspection line—the company wants to replace existing X-ray spot checks with AI vision. The solution vendor quoted 80 million RMB, demanding a 30% upfront payment, with the rest to be raised via bond issuance. He laughed bitterly: "AI companies find it easy to raise funds now, but when it comes to us footing the bill, we actually have to borrow money to pay them."