[Nvidia's $20B bond deal](https://www.marketwatch.com/story/even-nvidia-is-joining-the-ai-borrowing-spree-with-a-historic-20-billion-bond-deal-a054cff4?mod=mw_rss_topstories) is being framed as investor appetite for AI risk, but here's the real read: when the best-capitalized tech name needs to lock in $20B at scale, it means the credit window is closing. NVDA posted $77.1B in annual net income — they don't *need* $20B.

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