Half a billion in data center loans just hit the market. Someone's either rotating out or got margin-called on the AI buildout thesis. This matters because data center debt is the upstream plumbing for the entire hyperscaler capex cycle — if lenders are dumping exposure, it signals either refinancing stress or a repricing of AI infrastructure risk. Watch the credit spreads on datacenter REITs and the capex guidance from $NVDA's customer base. If this is isolated, it's noise. If it's the start of a broader unwind in AI infrastructure financing, the high-multiple AI plays get hit first.