Banks are starting to run from AI data center debt. ING has put about $500 million of data center loans up for sale all at once, Bloomberg reports. That's 12 loans, including a $25 million piece of OpenAI, SoftBank and Oracle's Stargate site in New Mexico. Banks are the ones closest to these projects. They see the contracts, the power deals and the delays before anyone else. And at Stargate, the warning signs are already there. Oracle has sent the developer a force majeure notice, a legal step that can excuse it from its obligations if events beyond its control get in the way. Now the market is turning too. Yesterday, the S&P 500 lost $3 trillion in a single day as fears grew that Democrats will go after AI and data centers. Junk bonds tied to data center companies like CoreWeave were among the hardest hit. The whole AI buildout runs on borrowed money. Big Tech has raised $326 billion in debt and new shares this year alone to keep it going. If the lenders are heading for the exit, who'll fund the AI build up?