(https://www.cnbc.com/2026/08/20/wall-street-loves-these-high-yielding-ai-bonds-what-income-investors-should-know-.html), but the real risk is buried in the spreadsheets. $MSFT, $GOOG, and $AMZN are issuing record debt to fund AI capex, and the market is pricing this as a growth story when it's actually a *capital allocation crisis*.

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