Are bond investors getting nervous about AI spending before stock investors?

I’ve been reading about how much debt large tech companies are issuing to fund AI, and I’m starting to wonder if the bond market is becoming more cautious before the stock market does. Stock investors still seem willing to accept huge AI spending as long as revenue keeps growing. Bond investors, however, care more about whether these projects will generate enough cash to cover interest and refinancing costs. I’m not saying companies like Microsoft or Google are at risk of failing. My concern is that higher borrowing costs could make some less profitable data-center projects no longer worth building. That could eventually hurt GPU, memory, networking and power suppliers. Maybe wider credit spreads are simply caused by the large amount of new bonds entering the market. But could they also be an early warning that returns on AI spending are lower than investors expect?