Wallstreetcn analysis indicates that the AI investment boom is creating deep contradictions, with cracks quietly appearing in the credit market. According to JPMorgan Chase data, credit spreads for hyperscale cloud providers widened by 12 basis points last week to 148 basis points, the highest level since July. TS Lombard estimates that cumulative AI-related debt could approach $2 trillion by the end of 2027. The credit market is repricing AI financing risks, but the pressure is primarily concentrated on small and medium-sized suppliers providing infrastructure, hashrate, and power to the AI ecosystem, rather than the tech giants themselves who dominate the financing. The analysis suggests that AI needs to generate $2.5 trillion to $3.5 trillion in annual revenue by 2030 to support current capital deployment, while current enterprise revenue is only about $200 billion, leaving a significant gap. The upcoming earnings season will be a crucial test for the credit market's judgment.