  We challenge the interpretation of the di-photon excess recently observed by
both ATLAS and CMS in a two Higgs doublet framework. Due to the large
enhancement necessary to obtain the observed di-photon signal, a large number
of colored and charged vector-like fermions are called for. We find that even
before the hypercharge gauge coupling becomes non perturbative, the one loop
effects of these fermions abruptly drive the scalar potential to instability.
