For years, hyperscalers were cash fortresses. They threw off so much cash they never had to touch the debt markets. They are tapping them now, and their credit default swaps are deteriorating. Investment grade is ticking up. High yield is ticking up more. Cathie Wood is not calling this systemic. Bank credit default swaps are still near lows, and nothing is feeding back into the banking system. But she calls it an unusual moment, and it is the chart she chose to end the episode on. When the companies that never needed debt start borrowing, it is worth asking what changed. More in the October In The Know with @CathieDWood.