[AI-related debt jumped 99% over the past year](https://www.marketwatch.com/story/ai-related-debt-jumped-99-over-the-past-year-its-a-shock-to-the-system-for-investors-b47ce4ea?mod=mw_rss_topstories) — but the headline misses the real risk. It's not absolute debt levels. It's that Meta, Amazon, and Microsoft are refinancing massive tranches into a narrowing market while institutional buyers face concentration limits.

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