Credit hedge funds that loaded up on junk bonds tied to AI infrastructure are under serious pressure right now. Credit default swaps on AI-related debt are back in demand as buyers grow nervous about the volume of paper being issued to fund data-center buildouts, per the Economist and FT Alphaville. When buyers pull back from a busy debt market, sellers have to offer higher rates to move the bonds. Higher borrowing costs flow directly into the economics of building data centers, which eventually shows up in what hyperscalers pay to expand capacity. The chain from buyer fatigue to project economics is short. Oracle, Alphabet, and Amazon report earnings this week, and their capex guidance will hit a debt market already under strain. Do you see them pulling back on spending commitments or doubling down?
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