DoubleLine portfolio manager Robert Cohen says credit markets could eventually see “bubble” conditions driven by artificial-intelligence-related borrowing. Speaking at the Bloomberg Global Credit Forum in New York, where he appears in his role overseeing developed credit, Cohen points to historical episodes in which large, concentrated investments in specific sectors—such as railroads and the early internet—were later followed by periods associated with market excess. He argues that, based on that pattern, AI-related debt is likely to rise to levels that resemble prior “bubble” phases, even if the timing is not specified. The commentary links the growth in AI investment themes to the structure and risk dynamics of credit markets, suggesting that as financing expands, the associated debt could become vulnerable to overextension. Cohen’s remarks are framed as a warning about potential future conditions rather than an assessment of current credit-market stress, and they do not cite a specific metric or named company. Overall, the reporting centers on the expectation that AI debt issuance and exposure could eventually reach unusually elevated valuations or risk profiles consistent with past speculative cycles.