The extra yield investors demand to lend to AI buildout companies instead of the US government, compared with the average US corporate bond. Each company's spread is the median GZ (Gilchrist–Zakrajšek) spread of its dollar bonds: the yield over a Treasury paying the same cash flows. The US corporate average is the Federal Reserve's GZ spread. A rising spread means lenders see more risk of default by the companies borrowing the money. Additionally, this means that companies could have a harder time refinancing loans.
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- US corporate average
- Hyperscaler average
- Compute suppliers average
- Low risk: < 100 bp
- Medium risk: 100–300 bp
- High risk: > 300 bp