According to CoinMeta, the infrastructure debt of AI has exceeded $400 billion, and the bond market is re-evaluating the technical risks. According to data from Morgan Stanley, debt issuance related to AI is expected to reach approximately $466 billion in 2026, increasing pressure on investors for data center financing. In 2026, AI companies have raised about $466 billion in debt, and investors are increasingly questioning whether large-scale data center investments can generate sufficient revenue to justify their financing costs. Data from Morgan Stanley shows that lending related to AI reached $466 billion in September 2026, compared to $101 billion in the same period last year. With the sell-off of AI stocks in October, concerns arose as infrastructure spending surpassed that of the stock market. Although investment-grade technology giants can still obtain financing, heavily indebted infrastructure operators are facing increasingly difficult borrowing conditions.