The Bill for the AI Build-Out Is Getting More Expensive

The cost to insure Amazon, Alphabet, Microsoft, Meta, and Oracle debt against default hit its highest level since 2021, per the Wall Street Journal — as AI-linked companies collectively raised $466 billion in debt this year, more than four times the pace of the same period last year. Credit markets are flashing warnings the equity market isn't. Also: Apple Intelligence arrives in China in December running on Alibaba's Qwen, and Chainalysis became the first major company to attribute a breach to "offensive agentic techniques."