The Globe and Mail reports in its Friday, Nov. 21, edition that a surge in tech borrowing and signs of strain in private credit are unsettling bond market lenders, potentially raising funding costs, impacting corporate earnings and stressing global markets. A Reuters dispatch to The Globe reports that a cross-market rout driven by artificial intelligence overinvestment concerns and delayed U.S. data has led to a 2.7-per-cent decline in global stocks this month. However, investment-grade bonds have remained resilient, still providing the lowest borrowing costs in decades. Investors managing over $10-trillion (U.S.) in assets expressed concerns about investment-grade debt pricing and are reducing exposure to top-rated bonds, with some selling out or betting against the asset class. After JPMorgan boss Jamie Dimon warned last month about "cockroaches" emerging in credit markets, tech giants began borrowing heavily to finance their rush to build AI data centres. Alternative asset manager Blue Owl Capital sent waves of anxiety through the $3-trillion (U.S.) private credit market by moving to limit fund withdrawals, and investment-grade debt was still not pricing enough risk, money managers said.