Data centers run on debt. That was a problem for bonds this year — and it’s only going to get worse.

This year has seen a surge in debt issuance from AI-driven data centers, straining investor portfolios and disappointing in performance. The underlying issue is that these data centers are heavily reliant on debt, a trend that's unlikely to ease with Democrats controlling Congress. This situation is critical because it points to a growing financial burden that could impact the stability of both the tech and bond markets, signaling potential challenges ahead for investors and policymakers alike.