AI Data Center Debt Spreads Across Bond and ETF Markets

At least 20 high-yield bond deals for data center projects tied to CoreWeave, Fluidstack, Nvidia, Amazon and Oracle were issued over the past 12 months. Spreads on tech giants' corporate debt are widening, investors demand bigger concessions, and project bonds now rank among top holdings of State Street and Charles Schwab ETFs.

• At least 20 high-yield data center deals in 12 months
• Nvidia disclosed $25B of data center lease commitments
• Fluidstack and Fleet project debt ranks in ETF top holdings
• Investors demand bigger concessions on new bond issues