In this week's summary of ratings views: Big AI investment spenders are ramping up capex, helping a broader recovery in tech. The U.S. speculative-grade default rate is expected to edge lower to 4.5% by March 2025. Global defaults in April increased to 18, the highest monthly tally since October 2020. Also: the credit impact of Brazil's floods, an update on the Q1 earnings season which is two-thirds done, how cost inflation could curb the impact of U.S. infrastructure spending, and a credit update on Europe's airports.