We logged Goldman's cross-asset desk (Garrett) putting the hyperscaler funding bill at '$5.5 to $6 trillion' between 2025 and 2030 and noting spreads have just started to widen — hyperscaler bond basket +22bps in a week. The flow desk pegs AI-related issuance at roughly $75B past month, $250B YTD, calling it 'a little indigestion on the credit complex.' Neither desk is ringing an alarm; they're just noting concessions are no longer tight.