Virtually every major mutual fund company, insurer, and private equity firm, as well as scores of individual investors, has been buying up AI debt. Hyperscalers, which continue to borrow heavily, have been forced by investors to pay modestly more in interest in recent debt deals. The market is realising there may be a mismatch between the money committed and borrowed today and the ability to generate revenues down the road. An increasing number of data centers are being delayed by permitting issues, and in some instances falling through.