Investors are worried about Big Tech's debt. Oracle's, ORCL, 5-year credit default swap (CDS) has surged +70 basis points year-to-date, to a record ~215 basis points, the largest increase among Big Tech companies. This is followed by Broadcom, AVGO, whose 5-year CDS has risen +48 basis points over the same period. Meta’s, META, 5-year CDS is up +39 basis points, to 95 basis points, the highest since trading began in October 2025. Nvidia's, NVDA, 5-year CDS is up +32 basis points so far in 2026 to ~82 basis points, the highest since it began trading in November 2025. Furthermore, the 5-year CDS for Amazon, AMZN, and Alphabet, GOOGL, has increased +30 and +29 basis points, respectively. This comes as Big Tech companies have issued ~$200 billion in corporate bonds year-to-date, nearly double the full-year total for 2025. Credit markets are becoming increasingly worried about the cost of financing the AI race.(The Kobeissi Letter)