The AI infrastructure trade is now repriced not by 'which theme you belong to' but by 'who gets paid first and who is left holding only a claim.' In July 2026, after a record momentum-factor liquidation and the Kimi K3 shock, the credit market has split the same hyperscalers' default insurance threefold while the equity market still calls them one bucket. Even within 'memory,' an LTA-protected contract asset and a spot-exposed asset sit at different points in the payment order; even within 'power,' an equipment maker paid on delivery and an SPV that recovers via rent sit at opposite ends of the spectrum. This report adds a vertical axis dividing prepaid from deferred to the four-tier settlement system, dissecting the payment structure of the AI infrastructure stack.
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