According to CoinMeta, AI's borrowing is on the decline, and investors are concerned about the surge in debt of $466 billion. According to data from Morgan Stanley, AI-related borrowing plummeted by nearly 80% from a record $113 billion in June to $23 billion in September, a reduction of $90 billion over three months. Although this slowdown follows record borrowing earlier this year, investors are also questioning whether large-scale AI investments will yield sufficient returns. Sona Asset Management's John Aylward stated: "Everyone is being squeezed, and everyone has become more cautious." However, is a decrease in borrowing necessarily a bad thing? Not necessarily. Slower borrowing could be a healthy correction that allows companies to manage their debt and gives investors the opportunity to re-evaluate the risks. However, if lenders lose confidence in AI's profitability, tighter financing may delay data center construction, weaken chip demand, and put pressure on tech valuations. This impact could extend beyond AI, affecting corporate credit and the broader stock market.