Higher Yields Are Starting To Break Things: Goldman Spots The First Cracks, And The Biggest One Runs Through AI Debt

For most of the past year, the question everyone on Wall Street was asking about the AI bubble was what would burst it: an earnings miss, a capex cut, a DeepSeek moment. Lately the question has changed to something much simpler: who runs out of cheap money first? 

Goldman's rates desk thinks we may already have the answer.

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