With capital expenditure in AI infrastructure showing no signs of slowing, we look at the importance of being highly selective when picking AI deal structures. Financing the AI infrastructure build-out: AI is creating one of the most significant capital formation cycles in modern economic history, requiring unprecedented levels of capital investment across a growing and interconnected debt-financed ecosystem. A reshaping of credit markets: the resulting deluge of debt supply is structurally reshaping bond markets as financing moves beyond hyperscaler balance sheets into high yield, leveraged credit, and securitized debt. Alpha-generating opportunities: in our view, the current situation presents opportunities to generate alpha and boost total returns for fixed income clients, and particularly those who can withstand bouts of volatility and adopt a medium-term outlook.