BNP says AI borrowing will end the credit bull market, and it is lending to AI too

BNP Paribas predicts the corporate bond rally will end as AI-driven hyperscalers flood the market with $400B in bond sales next year, pushing fixed income supply to a record $3.7T. The ECB notes US tech now accounts for nearly 10% of new euro corporate issuance, raising concerns about market crowding rather than defaults.