Goldman expects hyperscalers to issue a record $420 billion of gross debt in 2027, 60% above its 2026 estimate. AI-linked borrowers are already trading around 115 basis points over Treasuries against roughly 78bp for the broader investment-grade market, according to Reuters. This is not a default panic: investors are charging for repeated supply, correlated business plans and portfolios that already own plenty of the same names. The trading implication is more interesting than “AI debt is risky.” New, liquid benchmark issues can cheapen older bonds from the same borrower; curve and issue-selection matter even before the issuer’s fundamental story changes.