Global credit-crunch risk from U.S. debt, AI demand, and energy shocks

AI laboratories and hyperscalers increasingly rely on debt and off-balance-sheet financing. More than $200 billion of AI-related debt issuance has reportedly occurred this year, with potential future borrowing above $1 trillion; large corporate funding needs may compete with Treasury supply. Ray Dalio's warning about shrinking equity risk-premium cushions adds context, while high-yield spreads near 324 basis points indicate that contagion remains contained.