Oracle's CDS just hit a new high: the 2056 maturing bond yield first broke 8%, just one step away from junk status. If it gets downgraded, the $120 billion worth of bonds will be automatically removed from the investment-grade index. The trigger is that it issued a force majeure notice to its new data center in New Mexico. Not just it—Google, Microsoft, Amazon, Meta, Nvidia, and SpaceX's CDS are also trending higher. What the market is worried about isn't any one company anymore; it's what funds will keep the entire AI infrastructure buildout going.