The AI infrastructure arms race is pushing global credit markets into an unprecedented stress test. According to Bloomberg, Broadcom has completed raising $60 billion in debt financing for Anthropic and is in preliminary discussions to assist OpenAI with a $30 billion to $50 billion financing plan for custom AI chips. Meanwhile, SpaceX is seeking $40 billion in loans from banks and investors to purchase NVIDIA chips, expected to be completed as early as 2027. Credit markets are already sounding alarms, with Paramount's CDS spread surging to its highest level since the 2008 financial crisis, SpaceX bonds falling to historic lows, Oracle's credit curve collapsing, and Meta's data center project bonds also hitting record lows. Additionally, the U.S. 10-year government bond yield briefly touched 5.36%, its highest level since 2002, and is currently hovering in the 5.27% to 5.30% range.