Big Tech Borrowed $220 Billion in Bonds This Year to Fund AI Infrastructure

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Alphabet, Amazon, Meta, Microsoft, and Oracle have issued roughly $220 billion in corporate bonds through August 10 this year, up from just $12.5 billion in the same period last year, according to BNP Paribas data cited by Reuters. The surge in debt issuance is driven by massive capital expenditure plans, with S&P Global Ratings projecting combined capex across the five companies to hit around $750 billion in 2025. While these firms generate strong operating cash flows, the scale of data center spending now exceeds what internal funds can cover without sacrificing share buybacks or cash reserves. The flood of new bonds has created absorption pressure in fixed-income markets, pushing tech-sector investment-grade spreads roughly 9–10 basis points wider to about 89 basis points over Treasuries. Unlike equity-funded spending, this shift to long-dated debt introduces fixed interest obligations that must be serviced regardless of whether the underlying AI infrastructure delivers anticipated returns.

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How to Secure Kubernetes Services Using Gateway API, Traefik, and OAuth2 Proxy

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ProgrammingDEV Community ·

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ProgrammingDEV Community ·

SetrixDB: Go-based set engine uses MPHF and AVX-512 for exact ID intersection

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ProgrammingDEV Community ·

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