Hyperscaler BOND has crashed to the breaking point. Keep a close eye on these players: MSFT, GOOG, AMZN, META, ORCL, and SPCX. These are the major hyperscale cloud providers, and their long-term bonds are facing an epic sell-off. Yields have hit historic highs, and CDS costs are climbing. If hyperscalers can’t secure debt, downstream hardware manufacturers are all going to collapse. Among these giants, only MSFT’s bond yields haven’t broken through yet—everything else has hit new highs. Financial media is hyping up the rising risk of debt defaults. I don’t think they’ll default, but borrowing is going to get a lot harder. If these companies want to keep increasing investments and need to borrow, they’ll have to offer higher interest rates than before. Once it hits a critical point, they’ll stop borrowing altogether. But if they still need to boost cash flow, the only option left is issuing more shares, which wouldn’t be great for stock prices either.