PIMCO cuts Meta, Oracle AI-debt stakes by about half

PIMCO's reduction is a notable signal because it comes from a major bond house trimming exposure to two of the largest AI-linked debt deals, not a marginal player. The timing matters: the cuts were made into strength, with the bonds at high prices while AI debt financing has swelled to roughly $500 billion. That points to valuation and concentration discipline rather than a verdict on the underlying credits. The open question is whether other large fixed-income holders follow with similar de-risking, which would test demand for the next wave of AI-related issuance.