The wave of corporate failures in traditional sectors is accelerating across America.

So far this year, we've witnessed 9 Chapter 7 liquidations involving companies carrying over $100 million in debt. That's the fourth-highest count on record. Put this in perspective: 2023 saw 13 such collapses, 2024 had 11.

What's striking isn't just the absolute numbers—it's the persistence. Three consecutive years of elevated large-scale bankruptcies signals something deeper than isolated corporate missteps. These debt-heavy entities couldn't navigate the current interest rate environment, and their failures are piling up outside the AI hype bubble.

For anyone tracking macro risk, this pattern matters. When legacy businesses with nine-figure liabilities start dropping at historical rates, it's a flashing indicator about credit conditions and economic resilience. The kind of signal that tends to ripple through risk assets eventually.