Analyst: Little Value Left in Corporate Bonds as AI Buildout May Slow

The notable point is that a slower AI buildout is framed as credit-positive rather than growth-negative: less construction means less external financing and lighter pressure on hyperscaler balance sheets. That reframes the debate for debt holders, who have been underwriting an open-ended capex cycle. The tension worth watching is whether any slowdown stems from permitting, grid costs and local opposition — factors Schiffman cites — rather than from weaker demand, since the credit benefit depends on capital intensity falling without revenues stalling.