Investors are DUMPING AI infrastructure debt: Bonds financing major US data centers are sliding below par, with Hyperion debt falling to just under 92 cents on the dollar, Hut 8-backed projects trading at 94 and 92 cents, and Blackstone-owned Project Excalibur sinking below 88 cents. The pressure is even more severe among AI cloud providers, with CoreWeave, $CRWV, bonds falling below 80 cents on the dollar and yields approaching 15%. Investors are increasingly questioning whether AI revenues can justify the enormous borrowing and infrastructure spending, as OpenAI delays its IPO, Anthropic’s revenue growth slows, and concerns over circular financing intensify. Gartner estimates that AI data center owners would need $8.5 trillion in revenue by the end of 2030 to cover financing costs and earn healthy returns. However, spending on AI services that would flow to these providers is projected to reach no more than $3.6 trillion, implying a potential $4.9 trillion SHORTFALL. The firm warns that 80% of neocloud providers may no longer operate as standalone businesses by 2030, while more than $4 trillion in asset value could be written down by 2032. The “AI revolution” thesis is weakening by the day.