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Apollo cautioned that credit default swaps for companies building data centers are becoming more expensive, a development it says is not simply due to banks hedging more of their exposure. The warning adds to growing scrutiny of how hyperscalers are financing massive AI infrastructure buildouts. Adding to the cautionary chorus, DoubleLine Capital's Jeffrey Gundlach said he is moving his own money as far from the AI trade as possible, citing fears about where the sector's investment boom is headed, and detailed alternative positioning he is favoring instead. The comments from a prominent bond investor reinforce concerns that credit markets are becoming increasingly wary of AI-related buildout financing.