Overview
- The Federal Reserve's Financial Stability Report, published Nov. 13, 2026, found 87% of surveyed contacts named artificial intelligence as a salient risk, up from about 50% in the spring.
- The Fed said advanced-computing debt issuance rose to $680 billion by October 2026 and now makes up nearly one-third of nonfinancial investment-grade corporate borrowing.
- The report estimated that total commitments tied to AI infrastructure — including debt, guarantees and leases not yet started — could top $3 trillion, raising concentration worries.
- Officials flagged complex, circular financing among hyperscalers, equipment makers, lenders and special-purpose vehicles as a channel that can hide true exposures and amplify contagion.
- The Fed also warned that stretched equity valuations tied to AI and unusually high hedge fund leverage create a risk that an earnings shock or cyber incident could trigger wider market stress.