AI’s insatiable need for debt has so far been matched by investors’ appetite for it, but they may turn nauseous on the belly-busting volumes coming from tech giants. The latest quarterly reports from AI hyperscalers show that their massive spending plans remain on track, with Amazon even raising its capital expenditure guidance. That means even more bond issuance is on the way after an already staggering debt orgy. The numbers paint a picture of a borrowing binge that’s bigger—and murkier—than i...