The number is large - but I'm not quite sure it's existential. The hyperscalers have been making a ton of money and I'm not quite convinced that 200B of debt for Amazon is "world ending".
Pure play companies, startups, and investors are looking a lot less safe. For example there are other pure plays where debt service alone is like 25-30% of revenue, which is just insane numbers. There are also many investors and funds with extremely precarious positions in AI that are at risk of unraveling with a bang like we saw last week.