Its 5-year credit default swap spiked to 432 basis points, the highest in 4 years. That’s investors saying: “We’re nervous.” Why? Because Masayoshi Son is betting nearly everything on OpenAI; $64.6 billion and counting. He’s borrowed at 9.75% interest (yes, higher than Alphabet’s 5.2%) because he believes OpenAI’s future will pay it all back. But analysts are calling it roulette; all in on red or black. Even OpenAI’s valuation just dropped $150 billion. And it’s not just SoftBank. AI firms like CoreWeave and Anthropic are piling on debt too; spending billions on GPUs, facing falling shares, and hiding risks in complex deals. The bigger picture? The AI boom is borrowing its future. And markets are starting to ask: what if it doesn’t pay off?