The AI build-out is reshaping credit markets, and active management can find opportunity in the dispersion beneath tight spreads. Key takeaways A fixed income market in flux: the AI build-out is reshaping credit markets from the inside out, with AI-related issuance projected to reach 10% of high yield benchmarks over the next 6–12 months—up from zero just a year ago. Structure is everything: with hyperscalers and data centers issuing at high-yield-like spreads inside investment grade ratings, the difference between the right and wrong deals comes down to construction risk, amortization, and refinancing guardrails. Dispersion is where active management earns its keep: generic investment grade spreads in the 70–80 basis point range aren't compelling on their own, but an active approach can build portfolios with 100–150 basis points of uplift over Treasuries—without compromising on credit quality or liquidity.