Investment-grade bonds financing AI infrastructure are being priced at yields normally associated with junk debt as demand for data-center capital intensifies. QTS Realty Trust raised $3.9 billion to finance Microsoft-linked facilities in Georgia at roughly 7.23%, while BlackRock's bonds for a Texas data-center project priced at 7.53%. Underwriters sold both deals to investment-grade and high-yield investors, reflecting the widening competition for funding. Corporate borrowing for AI investments has exceeded $410 billion this year, while Vanguard expects hyperscalers to spend nearly $800 billion on AI this year and potentially more than $1 trillion annually from 2027 through 2030. Analysts say higher yields are attracting high-yield and distressed-debt investors, but the smaller, less liquid junk-bond market may limit its ability to absorb the supply. Morgan Stanley warns that rising borrowing costs could constrain lower-rated technology companies and suppress future bond issuance.