Data center bonds are shaping up to be 2026's heavyweight issuance, yet institutional appetite tells a different story. According to JPMorgan's latest survey, nearly half of CMBS investors—46% to be exact—are either cutting back or holding steady with their current allocations. Only 16% are actually stepping up to increase exposure. The disconnect is striking: while issuance volumes suggest strong supply hitting the market, investor sentiment lags considerably behind. This divergence raises questions about pricing, fundamentals, and whether the debt market is properly digesting the infrastructure boom in data centers.