While most people are distracted by the latest blow-up in US Treasuries, our hosts Katie Martin and Rob Armstrong lift the lid on a less watched corner of the debt markets. The world’s hyperscalers – giant companies such as Amazon and Meta – need to borrow as much as they can to build the data centres needed for the AI boom. FT markets reporter Emily Herbert tells us what their elephantine debt issuance has been doing to corporate bond markets around the world. Plus, Katie shorts sniff tests, Emily goes long soup and Rob entrusts his life savings to a supermarket manager in Surrey.