Group 1 - The core viewpoint is that the AI boom is extending from the stock market to the bond market, with AI-related companies' debt surpassing traditional banking, now constituting the largest segment in investment-grade bond indices [1] - According to a recent report from JPMorgan, AI-related companies currently account for 14% of the investment-grade bond index, with total liabilities reaching $1.2 trillion, driven by the surge in demand for AI infrastructure [1] - Oracle's model has initiated a debt arms race, as the company is willing to take on hundreds of billions in leverage to capture market share, prompting giants like Amazon, Microsoft, and Google to follow suit, thereby increasing the overall debt levels in the industry [3] Group 2 - Oracle's commitment to pay OpenAI $60 billion annually for unbuilt cloud facilities has led to a 25% increase in Oracle's stock price, but also a significant rise in its debt, with the debt-to-equity ratio soaring to 500%, far exceeding that of Amazon (50%), Microsoft (30%), and Meta and Google [3] - Analysts warn that the required annual capital investment of approximately $500 billion for data center construction to meet AI demand is unsustainable, as it would necessitate $2 trillion in annual revenue, leading to a potential credit bubble in the AI sector [4] - The risk of a bubble burst is heightened if the AI paradigm shifts, either through market demands for actual returns on AI investments or technological disruptions, which could have severe economic repercussions if debts backed by future cash flows default [4]