# hyperscaler capex — X 热门讨论 (2026-09-16 15:01 UTC)
## @MikeZaccardi (Mike Zaccardi, CFA, CMT 🍖) · 09-16 12:21 · ♥57 ↻14 💬7 Hyperscaler CDS widening isn't dealer hedging... otherwise, bank spreads would be moving too 📉.
Instead, the market is repricing deteriorating credit fundamentals: debt-financed AI capex, rising leverage, and negative FCF with uncertain ROI 🤖💸.
Torsten at Apollo https://t.co/20qAPzC8Re https://x.com/MikeZaccardi/status/2100198266713309612