Emerging-market corporate bonds are increasingly being viewed as safer alternatives as U.S. technology giants borrow heavily to finance AI infrastructure. The yield on SK Hynix bonds maturing in 2031 is just 9 basis points above comparable Amazon debt, with the gap narrowing to one-third of its level a year earlier. The cost of hedging SK Hynix’s credit risk is also below that of several U.S. technology giants. Bloomberg reported that risk premiums on emerging-market corporate debt have converged with comparable U.S. benchmarks for the first time in history.