The surge in AI spending isn't just hitting corporate balance sheets—it's reshaping the entire borrowing landscape. Companies are tapping credit markets at unprecedented rates as they scramble to fund massive infrastructure buildouts and technology upgrades.

What's fascinating? Private credit markets are booming alongside traditional channels, and the result is pushing corporate-bond trading into uncharted territory. Fresh records keep tumbling as institutions compete for yields and corporates rush to lock in capital.

It's a classic financial cycle: big spending needs + abundant capital sources = record trading volumes. The private credit explosion essentially created a new demand curve for corporate debt, amplifying every uptick in traditional bond markets.

For traders and investors watching credit spreads, this isn't background noise—it's a major market force reshaping risk premiums across the entire corporate spectrum.