Meta credit risk gauge hits record high on AI spending plans

The signal here is that unease about AI capex has moved from equity narratives into credit markets, where investors weigh repayment risk rather than growth optionality. That shift matters for Meta's cost of borrowing and, by extension, for how aggressively it can keep funding infrastructure buildouts. It also sets a template other hyperscalers may be measured against as credit desks reprice AI commitments. Whether this stays a Meta-specific repricing or spreads across the AI-linked corporate credit complex is the open question worth watching.