We look at how the real story of AI debt issuance is the curve, not the volume. Key takeaways: AI is reshaping the corporate bond market: AI-related borrowing has become a major source of long duration credit – almost double that of the broader investment grade (IG) market for maturities over 10 years. It is also lifting technology's benchmark weight from 3% in 2024 to an estimated 12% by year-end 2026. Steepening AI/hyperscaler yield curves reflect supply, not credit deterioration: front ends are pricing in fortress balance sheets (strong financial health and resilience), but 30-year tenors are pricing decades-long uncertainty around capex returns and compensation for persistent supply calendars. A potential buying opportunity for active managers: we believe elevated carry from fortress balance sheets, combined with the prospect of spread tightening once supply overhang eases, may create a clean relative value dynamic in high-grade credit.