Broadcom’s credit default swap spread jumped to a record 122 basis points after reports of an off-balance-sheet financing structure that could provide roughly $100 billion in borrowing capacity to buy and lease custom AI chips to customers including Anthropic. The package, first detailed by Bloomberg, centers on special-purpose vehicles carrying about $60 billion to $70 billion of senior secured debt with partial Broadcom guarantees and roughly $30 billion of junior debt, though CNBC has cited talks for a $70 billion to $80 billion package with nearer $45 billion senior and $35 billion junior tranches while figures remain fluid. The plan escalates a June 2026 partnership with Apollo Global Management and Blackstone that began with about $35 billion tied to Broadcom’s AI platform. Bank of America analysts said bond spreads have widened 20 to 45 basis points versus peers and flagged rising contingent liabilities, with some rating agencies already adjusting assessments. Broadcom projects AI-chip revenue above $100 billion in fiscal 2027, but the structure hinges on sustained AI demand to service the debt.