The inflationary origin of primordial black holes (PBHs) relies on a large enhancement of the power spectrum Δ ζ of the curvature fluctuation ζ at wavelengths much shorter than those of the cosmic microwave background anisotropies. This is typically achieved in models where ζ evolves without interacting significantly with additional (isocurvature) scalar degrees of freedom. However, quantum gravity inspired models are characterized by moduli spaces with highly curved geometries and a large number of scalar fields that could vigorously interact with ζ (as in the cosmological collider picture). Here we show that isocurvature fluctuations can mix with ζ inducing large enhancements of its amplitude. This occurs whenever the inflationary trajectory experiences rapid turns in the field space of the model leading to amplifications that are exponentially sensitive to the total angle swept by the turn, which induce characteristic observable signatures on Δ ζ. We derive accurate analytical predictions and show that the large enhancements required for PBHs demand noncanonical kinetic terms in the action of the multifield system.

We show that a scalar excited state with large occupation numbers during inflation leads to an enhancement of tensor modes and a characteristic pattern of order-one oscillations in the associated stochastic gravitational wave background (SGWB) sourced during inflation. An effective excited state, i.e. a departure from the Bunch-Davies vacuum, can emerge dynamically as the result of a transient non-adiabatic evolution, e.g. a sharp feature along the inflationary history. We provide an explicit example in a multifield context where the sharp feature triggering the excited state is identified with a strong turn in the inflationary trajectory. En passant, we derive a universal expression for the tensor power spectrum sourced at second order by an arbitrary number of scalar degrees of freedom during inflation, crucially taking into account the nontrivial structure of the Hilbert space in multifield setups. The SGWB sourced during inflation can overcome the standard scalar-induced SGWB sourced at horizon re-entry of the fluctuations after inflation, while being less constrained by perturbativity and backreaction bounds. In addition, one may entertain the possibility of detecting both since they peak at different frequencies exhibiting oscillations with distinct periods.