[AI market ends the longest 20-month widening trend in global credit spreads] On October 28, the rebound in AI trading is revitalizing risk appetite in the credit market, ending the longest 20-month widening trend in global investment-grade bond spreads. Whether this round of recovery can be sustained depends on the financial reports of AI companies and the policies of the Federal Reserve. While investors are considering strong economic growth and attractive yields, they must also weigh the surge in financing and borrowing for the construction of AI technology. Ultra-large-scale technology companies may rely more on the equity market to raise funds for AI deployment. This signal is also good for the credit market. Meta’s $25 billion stock sale may reduce its debt financing needs.