More aftershocks of OpenAI's Pentagon deal hit the tech industry over the weekend as Caitlin Kalinowski, who had been leading hardware and robotics operations teams at OpenAI since November 2024, announced she has left the company due to concerns about the deal.

“I resigned from OpenAI,” she posted on X and LinkedIn on Saturday. “I care deeply about the Robotics team and the work we built together. This wasn’t an easy call. AI has an important role in national security. But surveillance of Americans without judicial oversight and lethal autonomy without human authorization are lines that deserved more deliberation than they got."

Her departure comes amid an escalating dispute over how far AI companies should go in supporting U.S. military uses of the technology. Talks between Anthropic and the Pentagon collapsed after the company pushed for strict limits on domestic surveillance and autonomous weapons. OpenAI's deal with the Department of Defense has drawn criticism from some employees and observers who argued that OpenAI stepped in after Anthropic refused the terms.

Before joining OpenAI, Kalinowski had spent several years leading Meta's AR glasses effort and working on its Oculus headsets, and worked at Apple before that. "This was about principle, not people," Kalinowski wrote. "I have deep respect for Sam and the team, and I’m proud of what we built together.​​​​​​​​​​​​​​​​”—Sharon Goldman

Much of the capital expenditures for the AI data center buildout is being paid for with operating cash flows. But the sheer magnitude of the spending has prompted many of the internet companies to do something they haven't done much of in the past: borrow money. 

In 2025, Alphabet, Amazon, Oracle, Meta and Microsoft issued about $121 billion in new debt via bonds, compared to $40 billion in 2020. And the pace is not expected to slow down anytime soon: Wall Street estimates show the AI-related bond supply could be in the range of $100 billion to $300 billion this year. Over the next three to five years, total data center investment could run $1.5 trillion to $3 trillion, according to some analyses. 

The trend is already changing the stakes for businesses that have traditionally had no need to borrow, introducing a new layer of stakeholders, obligations, and risks that are transforming how internet companies operate and how they are valued by investors. Bond investors, unlike equity investors, don’t seek out unlimited upside, they focus on being compensated fairly for taking on risks, including those related to overinvestment that leads to a glut in supply.  Read Fortune's deep dive on the AI bond binge and why it matters.—Amanda Gerut