The debt (bonds basically) is sitting on the books of investment banks. The article here is 5 days old - that "9 percent" figure is already out of date.

Here is today: Shares of AI cloud provider CoreWeave (CRWV) dropped over 15% Wednesday, a day after venture capitalist Chamath Palihapitiya posted on X a chart that showed the yield Nvidia-backed firm's 2032 bonds hit 15% yesterday as a sell-off brought prices into distressed territory. SOURCE: https://finance.yahoo.com/markets/stocks/articles/nvidia-bac...

I can conclude that supply is far exceeding demand because of the rates attached.