The AI debt bubble is pushing more credit risk into US chipmakers: The US chipmaker credit default swap spread basket, which measures the cost of insuring their debt against default, has DOUBLED since August, to nearly 160 basis points in November. The index has overtaken the hyperscaler basket for the first time. This reflects growing expectations that chip financing will account for a larger portion of AI-related debt issuance in 2027, shifting more of the financing burden down the AI supply chain. This comes as, over the week ending November 5th, Intel CDS widened +40 basis points, AMD +26.5 basis points, and Broadcom +17.6 basis points, the 3 largest increases in the overall CDX IG index. Furthermore, trading in AI-related CDS surged to $8-$10 billion per week over the last 2 weeks, its most active period on record outside the September index rollover. Investors are increasingly pricing in an AI credit crisis.