FT: The wave of AI infrastructure construction drives the issuance of investment-grade corporate bonds in the U.S. to surge to $1.7 trillion by 2025, approaching the peak of 2020 ($1.8 trillion), with borrowing by AI tech giants for the layout of data centers and energy systems accounting for 30% of the net issuance. Excess supply of bonds has led to the credit spreads of high-rated companies rebounding from a low of 0.74 percentage points. As the debt maturity wall of over $1 trillion per year approaches in the next three years and M&A activity heats up, the bond issuance scale in 2026 may set a new historical record and further increase corporate borrowing costs.