Matthias Reschke, Head of European Investment Grade Financing at JPMorgan Chase, stated that the large-scale bond issuance by AI giants is testing the capacity of the bond market, with issue pricing becoming a key indicator for measuring investor demand. Currently, bonds issued by hyperscale tech companies trade at a spread approximately 55 basis points higher than other corporate bonds in the U.S. market, indicating a significant premium. The market is not concerned about whether these bonds can be issued, but rather the price investors are willing to accept.