[AI Infrastructure Borrowing Raises Credit Risk for U.S. Tech Giants, Emerging Market Bond Spreads Narrow to Historic Levels] According to Bloomberg, U.S. tech giants are heavily borrowing to finance AI infrastructure, leading some investors to view emerging market corporate bonds as a safer alternative. The yield on SK Hynix bonds maturing in 2031 is currently only 9 basis points higher than Amazon bonds of the same maturity, narrowing to one-third of the spread from a year ago. The cost of hedging their credit risk is even lower than that of several U.S. tech giants. For the first time in history, the risk premium on emerging market corporate bonds has converged with comparable U.S. benchmarks.