Private Credit Systemic Risk and AI Data Center Debt

CBO's $1.5–2T private-credit warning is reinforced by higher borrowing costs for leveraged and CCC borrowers and a heavily financed AI infrastructure buildout. Visible AI debt near $1.2T, hidden leases of about $662B, and refinancing, depreciation, and utility risks create a 2026–28 stress window with possible spillovers to utilities, pensions, and Treasury markets.