Investor anxiety regarding the burgeoning spending by Big Tech on artificial intelligence (AI) has begun to permeate the bond market, as evidenced by a surge in debt issuance aimed at financing AI initiatives. With some estimates suggesting that the cost of AI’s expansive infrastructure could reach $5 trillion, financial institutions like JPMorgan warn that this might necessitate the involvement of every debt market. As tech giants ramp up record levels of debt to compete in the AI race, significant concerns arise over the sustainability of such growth amid fears of a cash crunch, with analysts suggesting that an AI bubble may be forming. Notably, the global bond sales have hit a historic high, underscoring the critical role of debt financing in the ongoing AI data center boom. Investment opportunities are emerging, but experts caution that this reliance on debt could escalate risks in the financial system.