Analysts at Citigroup Inc. report a shift in how the market views debt used to build artificial intelligence infrastructure. Investors are moving away from a general appetite for AI-linked assets. They now apply more rigorous scrutiny to the financing deals powering these massive data center buildouts.

This change suggests that the initial euphoria surrounding AI growth is fading. Lenders no longer accept every proposal simply because it mentions artificial intelligence. Instead, they are analyzing the specific risks and financial viability of data center bonds to ensure these projects can actually support their debt loads.

Market participants must now provide more transparency to secure funding. This selective approach means that only the most stable deals will find easy capital. The era of easy money for any AI-related infrastructure project has ended as investors demand better risk profiles for AI infrastructure investments.