Markets had priced in tougher regulation of AI and data-center construction
after a decisive Democratic election result. ICM investment-bank economist and
portfolio manager Michael Crowvit said in a report that a material shift in U.S.
AI policy appears unlikely, so hyperscale cloud providers are expected to
maintain current investment plans in the near term. He noted hyperscalers are an
important source of long-dated debt supply; over the past two years U.S. tech
giants have become a distinct issuer cohort in the investment-grade bond market,
where the usual link between credit ratings and bond spreads has only limited
relevance.
