Oracle's credit default swap spread touched 212 basis points as investors grow increasingly nervous about the trillion-dollar AI spending bingeThe price tag for protecting yourself against an AI hyperscaler going belly up has never been higher. For context, Oracle is one of five hyperscalers, alongside Alphabet, Amazon, Meta, and Microsoft, that have been borrowing at a pace that makes even seasoned credit investors uncomfortable. The culprit was unsurprising: AI spending. Credit markets don’t trade on faith. The situation bears watching not because a hyperscaler default is imminent, but because credit markets are historically better at pricing risk than equity markets.