Amid the growing angst about hyperscaler CapEx (and more specifically, the historic flood of new debt issuance to fund it), attention among the always-bullish equity talking-heads has shifted - and rightfully so - to the bond markets as alarm signals flare up with an increasing frequency. Of course, for ZeroHedge readers, this is not a new topic, it is something we have been warning of for the past year, ever since we explained that debt was the true AI bubble