Wednesday’s market story was not “AI up” or “AI down.” It was a widening separation between businesses collecting fees from the buildout and securities expected to finance it. The Nasdaq had its worst day in three months after stronger inflation revived the possibility of another Fed increase; meanwhile high-yield bonds tied to CoreWeave, Meta and Oracle’s AI spending traded near new lows. CoreWeave’s 9.75% 2031 bond yielded about 16%, and the cited CoreWeave and Meta issues were roughly 20% below issue price. The practical point is that equity enthusiasm and credit willingness can diverge for quite a while—but the debt market eventually gets a vote on the pace of construction. Reuters market wrap, Oct. 14