Amazon just tried to sell bonds to fund its AI buildout. Strong balance sheet. Investment grade. Access to almost every source of capital on earth. Demand still came in far below normal. Orders peaked near 62 billion, then shrank to about 41 billion after banks cut the spread. That is only 1.6 times the offering, when the average this year has been closer to 4 times. Amazon had to pay up too, an extra 18 to 21 basis points on its longest bonds just to get investors to show up. This is not a story about Amazon being distressed. It is a story about where the same pressure hitting private credit is starting to show up in elite public borrowers. The line everyone draws between these two credit markets is a lot thinner than it looks.