SPY is trading at $766.03 (-0.75%) as AI infrastructure debt concerns weigh on the S&P 500. - Concerns center on CoreWeave’s roughly $50 billion debt load, which is pressuring technology and semiconductor shares. - Hot September inflation has renewed concern about higher-for-longer rates, adding pressure to debt-funded AI investment. - Weakness is concentrated in large-cap AI-related technology rather than evenly spread across the market.