After a staggering $300 billion surge in AI-related debt, investor enthusiasm appears to be waning. Despite still having an appetite for these deals, recent bond offerings are facing increased scrutiny and demand for better terms. For instance, Meta Platforms Inc. had a peak order book of $96 billion for its bond sale, significantly lower than the $125 billion demand for its previous offering in October. Investors are now requiring more protection, leading borrowers to agree to amortization clauses that ensure some principal is repaid before maturity. This shift reflects a growing anxiety in a market that, while robust, remains relatively new and untested. The total cost of AI infrastructure is projected to reach $3 trillion, suggesting that the borrowing landscape will continue to evolve. Partnerships with major tech firms, such as Nvidia Corp., are increasingly vital for securing favorable investment ratings and enhancing investor confidence. As the market adapts, money managers are becoming more discerning, evaluating risks associated with data-center projects and turning away from offerings that do not meet their standards.