A warning that Nvidia's push to fund the AI buildout with debt is turning into a credit risk that could drag down the whole stock market.

• Nvidia is teaming up with Wall Street on a $500 billion financing package to build AI data centers, funded partly by pension and hedge fund money.
• The cost of insuring Nvidia's debt is climbing, a sign investors see more risk as the AI ecosystem piles on borrowing.
• Oracle has already been downgraded repeatedly, and the warning is that rating agencies are going soft — echoes of the 2008 mortgage meltdown.
• The bet only pays off if these data centers get rented and can cover soaring electricity bills, which is far from certain.
• Rising prices at stores are blamed on weakening currencies, with money pouring into stocks just to keep up with inflation.

Outlook: If borrowing costs keep rising, the AI financing boom could flip from fueling gains to a bill coming due, with a bust called bigger than the dot-com crash.