Big Tech's AI Push Drives Record $159B Corporate Bond Issuance
Alphabet, Amazon, Meta, Microsoft, and Oracle have issued a record $159 billion in corporate bonds in 2026, already surpassing the full-year 2025 total by 47% and exceeding the combined $150 billion issued from 2020 to 2024. AI-related global debt issuance is expected to double to about $570 billion in 2026.
The artificial intelligence buildout is driving an unprecedented surge in corporate borrowing by the largest US technology companies. Alphabet ($GOOGL), Amazon ($AMZN), Meta ($META), Microsoft ($MSFT), and Oracle ($ORCL) have collectively issued a record $159 billion in corporate bonds so far in 2026.
This amount already exceeds the full-year 2025 total by $51 billion, or 47%. For context, the same five companies issued roughly $150 billion in total debt between 2020 and 2024. Oracle alone has raised $43 billion since September 2025.
According to Morgan Stanley, global debt issuance tied to AI is expected to more than double to a record ~$570 billion in 2026, signaling a structural shift in credit markets as firms invest heavily in AI infrastructure.
Source: The Kobeissi Letter