Is AI Crowding Everyone Else Out of the Bond Market?
THE SO WHAT
AI buildout is becoming a dominant corporate credit theme—if hyperscalers, data centers, and chip vendors keep tapping bond markets for hundreds of billions, capital for non-AI issuers will reprice or get rationed. CFOs outside the AI stack should assume higher funding costs and tighter covenants and stress-test capex plans against a world where AI infra is the marginal borrower.
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