When you reach the part of the cycle that you have to borrow money to pay debt service, and the holders of those bonds say it’s a risky situation — in the private debt market, we call that the debt death spiral,

Ray Dalio, the billionaire founder of hedge fund Bridgewater Associates, has a warning for the Trump administration: commit right now to reducing the deficit or risk a major debt crisis within three years.

The Bridgewater Associates founder argued China will continue to have the edge in producing applications for AI chips compared to the U.S.