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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