Bonds issued by Meta to finance its Hyperion AI data center fell to 94.4 cents on the dollar, a record low since their issuance at par last October. This $27.3 billion debt, backed by Beignet Investor LLC, a special-purpose vehicle, has lost 11.7% from its peak of 110 cents. PIMCO, which had anchored $18 billion at launch, would now face a paper loss of approximately $1 billion. This underperformance comes as Meta’s stock posted its biggest single-day gain in a year, surging 9% on Tuesday, driven by the AI rally on the Nasdaq.
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