Hartnett: Contrarians Are Waiting For These Two Coming Events To Flip Risk-Off

While most of the financial media follows AI stocks with a religious zeal while ignoring every other asset class, we have been much more focused on AI bonds as the leading signal (which we declared a bubble in late 2025, one which has since grown to historic proportions) and at a time when the broader market is finally starting to appreciate the message credit is sending, as we have discussed in a variety of recent posts on the topic such as a:

• "Hyperscaler Bond Spreads Blow Out After Google Shocks With Another $25 Billion Bond Offering",
• "The Teaser Period: Why The AI Boom Is Hitting A Reset Wall",
• "The Off-Balance Sheet Time Bomb Inside AI Hits $3.1 Trillion: Up $1.3TN In Three Months", 
• Broadcom CDS Explodes As It Seeks Up To $100 Billion In Massive Off-Balance Sheet Debt Deal, 
• Goldman Warns Massive Hyperscaler Bond Issuance Means "Risk Skewed To Downside"