Bloomberg data reported October 20, 2026 shows U.S. corporate credit default swap trading this year has already exceeded all of last year, as investors hedge AI risk. The nervousness is tied to capital spending outrunning demand, rising interest rates and debt-funded data centers. Coverage has since put a number on the exposure: if neoclouds suddenly lost financing, it would affect about 10% of AI capex spent. SpaceX and Meta earnings this week remain the near-term test.