**[AI Debt Risk Raises Market Concerns, Investors Question Tech Stocks' Massive Investment Return Prospects]** Reported by Jinse Finance, on October 16, credit default swaps (CDS) are financial instruments in the market that function similarly to providing insurance for Wall Street debt transactions. During normal market operations, these tools rarely attract attention. However, when the cost of debt default insurance for a company begins to rise, it often signals growing underlying concerns in the market. Today, this alarm has been triggered for some of the world's most renowned tech companies. Since the fall of 2025, the credit default swap prices for companies like Microsoft, Nvidia, Meta, and Amazon have surged significantly, with some even doubling in price. This indicates that investors are beginning to question whether the AI boom can ultimately generate sufficient returns to support the industry's large-scale debt-financed investments. For instance, a tech company might borrow massive amounts from banks to expand its data centers, with such loans often reaching tens of billions of dollars in recent years. Banks then purchase CDS from investors or other banks to avoid breaching internal exposure limits to a single client and to mitigate the risk of the tech company failing to repay the loan. The sharp rise in related indices may suggest widespread market concerns that borrowers have taken on excessive debt. Similar situations occurred before the outbreak of the 2008 financial crisis. If AI demand falls short of expectations or the returns on related projects are lower than predicted, tech companies may find their debt burdens increasingly difficult to manage. CDS prices are increasingly reflecting this uncertainty.