Wall Street built an appetite for AI debt, and now it’s got indigestion. Six hyperscalers have piled $244B into the global bond market this year, more than double 2025’s total, chasing an AI buildout with no ceiling in sight. Every fresh bond sale now gets priced with the next one already in mind, pushing yields higher across the board.

• NvidiaNVDA
  , SpaceXSPCX
  , and AmazonAMZN
  combined for $75B in recent bond sales — with Amazon paying unusually steep rates as buyer enthusiasm cooled.
• SpaceX’s debut bond has struggled to find its footing, with its spread widening ~0.5% since Jun. 23 — a preview of risk for a market set to reach $10T.

More headwinds: The macro backdrop adds to it. A resilient US economy and renewed tensions in the Middle East have pushed 10-year real Treasury yields above 2.3%, their highest level in over a year, making the dollar more attractive to global investors. Speculative traders now hold more than $40B in long-dollar bets, the most bullish stance since 2015. With new Fed Chairman Kevin Warsh singing a hawkish tune, hyperscalers chasing more debt may find an even pricier market waiting.