It’s the worst time in years to invest in AI credit markets: ‘Almost no upside and plenty of downside’
THE SO WHAT
If AI capex credit is being described as “almost no upside and plenty of downside,” debt markets are signaling that the easy money phase of the AI buildout is over. Operators relying on financed GPUs or data centers should stress-test plans against tighter credit, higher spreads, and more covenants around utilization and revenue ramp.
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