AI companies are borrowing LESS as investors grow wary of the $466 BILLION debt boom. AI-related borrowing PLUNGED nearly 80%, from a record $113 BILLION in June to just $23 BILLION in September. That's a $90 BILLION decline in THREE months, according to Morgan Stanley data cited by FT. Much of the slowdown follows record borrowing earlier this year, but investors are also questioning whether massive AI investments will deliver sufficient returns. “Everybody’s being tapped and everybody’s getting a bit tighter,” Sona Asset Management's John Aylward told the FT. But is LESS borrowing necessarily bad? Not entirely. Slower borrowing could be a HEALTHY correction, allowing companies to manage debt while investors reassess risks. However, if lenders are losing confidence in AI's profitability, tighter financing could delay data centers, weaken chip demand, and pressure tech valuations. The implications could extend beyond AI to corporate credit and the broader stock market. Is AI borrowing slowing because companies need LESS capital, or because investors are LESS willing to provide it?