Debt issuance tied to AI totaled $489 billion in 2026 to date as protection against default on Nvidia debt rose above Meta's, signaling a shift in how markets price AI-related credit risk.
This was the first time since at least November 2025 that protection on Nvidia debt cost more than coverage on Meta debt. The issuance total also exceeded an earlier projection of $322 billion.
An AI cloud services provider secured a yield above 11% on a $5 billion loan after raising the rate offered to buyers. While chip demand remains robust, the available pool of lenders for further expansion has narrowed.
CoreWeave's $51.6 billion debt at June's end exceeded its market capitalization. Nvidia has ample cash, yet bond investors are considering exposure to customers it helped finance.
