Is the AI bubble and the peak of the semiconductor industry a fact?

There are concerns about a potential crisis in the bond market for big tech companies operating large data centers, known as hyperscalers. Gordon Johnson, a well-known analyst and CEO of GLJ Research, has expressed worries about the financial implications of massive AI investments, citing rising credit default swap (CDS) spreads.

The CDS spreads for the top 5 hyperscalers - Amazon, Meta, Microsoft, Google, and Oracle - have increased, with Oracle's spreads surging significantly due to its high debt levels and relatively low credit rating. However, the credit spreads for the other four hyperscalers appear to be stable, suggesting that the situation may not be as dire as some, like Johnson, have claimed.