On Thursday Meta Platforms (META.O) saw its credit-risk gauge spike to an
intraday record and its bonds fall after the company outlined larger capital
commitments tied largely to AI infrastructure. ICE data showed the five-year CDS
rose 8.9bps to about 119.3bps, the highest intraday level since the contract
launched, as investor concern increased. Meta disclosed future commitments of
roughly $825bn for leases and contracts, many related to AI compute and
infrastructure; in July it reported committed future spending near $700bn. Meta
bonds also underperformed U.S. Treasuries.