Apollo Global Management warned that hyperscalers face rising credit risk as leverage increases and returns on artificial-intelligence investments remain uncertain. Credit default swaps for Amazon, Google, Apple, Microsoft and Oracle have surpassed 100 basis points, indicating a wider premium for financing large AI spending. Most hyperscaler bonds issued for 2026 are trading at wider spreads than their initial pricing, potentially raising funding costs. The warning adds to concerns over negative forward free cash flow at several hyperscalers, even as technology investors expect profit margins to improve in coming years. Gold could attract defensive demand, but prediction markets show only a 14.5% probability in the highest sub-market of a significant price shift by December 2026 and limited expectations of gold reaching $15,000.