Meta recently issued $25 billion in investment-grade bonds, yet the market's response was notably subdued, with the offering encountering significant pricing pressures. Across all maturities, bond spreads have widened relative to October of the previous year, and the peak subscription volume has also seen a marked decrease. Following the earnings announcement, Meta's stock price experienced its largest single-day decline in six months. Meanwhile, the cost of credit derivatives surged to unprecedented levels, underscoring investor apprehension regarding the returns on Meta's AI investments. Although Zuckerberg increased the capital expenditure forecast for 2026, he failed to outline a definitive path to profitability. This bond issuance was predominantly priced with wider spreads, and the subscription volume contracted significantly. The U.S. investment-grade bond market was bustling in April, but Meta's announcement of a substantial capital expenditure plan the day after the bond issuance exerted downward pressure on the market. Despite Zuckerberg's confidence in AI investments, the absence of a clear profit model left investors underwhelmed, precipitating a decline in the stock price. While the market absorbed AI-related bonds as a whole, underwriters had to put in more effort, and it is anticipated that pricing and issuance terms for AI-related bonds will encounter greater challenges in the future.