BNP says AI borrowing will end the credit bull market, and it is lending to AI too

BNP Paribas predicts the multi-year corporate-bond rally will end as hyperscalers issue roughly $400 billion of AI-linked bonds next year, contributing to a record $3.7 trillion net fixed-income supply. European investment-grade spreads are expected to widen by six basis points by 2026, while the ECB notes US tech now represents about one-tenth of new euro corporate issuance. BNP also participated in AI financing, lending $830 million for a Paris-area data-centre deployment of 13,800 Nvidia chips.