The race to build out AI data centers and GPU infrastructure is creating unprecedented demand in bond markets. With issuance levels hitting new highs, we're seeing something worth paying attention to: the built-in safeguards designed to maintain portfolio diversification and control exposure are getting seriously tested. These capacity thresholds exist for a reason—they're supposed to prevent concentrated risk. But when deal flow explodes like this, those guardrails can buckle. If they do, what started as a financing boom could quickly spiral into something messier. Credit contagion doesn't announce itself loudly; it compounds quietly until the pressure becomes impossible to ignore.