Takeaways by Bloomberg AI
Credit markets grew more fearful about tech debt on Thursday, sending the cost of protecting Broadcom Inc. and SpaceX debt against default to record highs, after disappointing results from Alphabet Inc. intensified fears about the industry’s massive bets on artificial intelligence.
In the credit derivatives market, the cost of protecting Broadcom Inc.’s debt against default for five years rose by about 10 basis points to 175.4 basis points a year, the highest closing level on record, according to ICE Data Services. The gauge rises as investor worries grow.