The Kobeissi Letter (@KobeissiLetter) “The AI buildout is fueling record Big Tech borrowing: Alphabet $GOOGL, Amazon $A” — TopicDigg
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The AI buildout is fueling record Big Tech borrowing:
Alphabet $GOOGL, Amazon $AMZN, Meta $META, Microsoft $MSFT, and Oracle $ORCL have issued a record $159 billion in corporate bonds in 2026.
This already surpasses the full-year 2025 total by +47% or +$51 billion.
To put this into perspective, between 2020 and 2024, these companies issued a total of ~$150 billion in debt.
Oracle alone has issued $43 billion since September 2025.
Meanwhile, AI-related global debt issuance is expected to more than double to a record ~$570 billion in 2026, according to Morgan Stanley.
AI is reshaping global credit markets.
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