AI boom drives record $159bn in bond issuance from US tech giants in 2026

Global capital markets are facing a wave of borrowing and share sales by artificial intelligence companies in 2026, led by Alphabet's announcement of an $85 billion capital increase. According to Dealogic data, Alphabet, Amazon, Meta, Microsoft and Oracle have issued $159 billion in bonds worldwide so far this year, surpassing the $108 billion issued in all of 2025 and $17 billion in 2024. Morgan Stanley reported that AI-related borrowing is set to reach $570 billion in 2026, with $236 billion in issuance completed from the start of the year through the end of May, roughly four times the level recorded in the same period of 2025. The bank projected that Alphabet, Amazon, Microsoft and Meta will spend more than $700 billion on AI this year and over $1 trillion in 2027. The Wall Street Journal reported that some investors have raised concerns about post-IPO losses tied to heavy AI spending, while questions persist over the profitability of models such as ChatGPT, Gemini and Claude. David Lefkowitz, senior portfolio strategist at UBS, said infrastructure development is supporting investor confidence, though other strategists have warned of sharp price corrections if profitability is delayed. No further details on specific upcoming issuances were immediately available.