According to data from Morgan Stanley cited by the Financial Times, as investors become cautious about the $466 billion AI debt boom, the scale of lending to AI companies has significantly declined. AI-related borrowing fell from a record $113 billion in June to $23 billion in September, plummeting nearly 80%, with a total decrease of $90 billion over three months. The cooling of lending is partly a natural retraction following a period of massive borrowing, and partly due to investors beginning to question whether the substantial investments in AI can yield sufficient returns. Industry insiders indicate that market liquidity is tightening. The contraction in lending is not entirely negative; it can be seen as a healthy adjustment that allows companies to manage debt and investors to reassess risks. However, if lenders lose confidence in AI profitability, the tightening of financing could delay data center construction, weaken chip demand, and suppress technology stock valuations, with repercussions extending to corporate credit and the overall stock market.