A fast-growing pile of AI-related debt is starting to look like the setup before the 2008 crash, which is bad news for anyone holding AI stocks into next year.

• Citadel quickly sold off most of the AI stocks it bought in a $4 billion block, cashing in after a sharp bounce.
• Total borrowing tied to the AI buildout could be approaching $10 trillion, much of it hidden off company balance sheets.
• Broadcom is trying to raise up to $100 billion through an off-balance-sheet vehicle, and regulators just loosened disclosure rules for data centers.
• Anthropic's coming IPO filing should finally show whether its profits are real once training costs are counted, and its revenue per gigawatt looks too low to cover what compute costs.
• Insurance against company defaults is getting more expensive for Oracle, Broadcom and Nvidia — a sign lenders are nervous.

Outlook: The Anthropic IPO could keep the AI rally going for another six months by recycling fresh cash into hardware, but a painful gap looms if language-model growth stalls before robotics picks up the slack.