By Ed Ballard

The data-center construction frenzy is upending expectations for U.S. corporate borrowing.

$360 billion of new debt in 2026

That's the issuance that UBS analysts expect from U.S. technology companies with investment-grade credit ratings this year. The projection is up from a previous forecast of $300 billion, reflecting the latest upgrades to the industry's capital-spending plans.

If Amazon, Meta and Google follow through on their planned investment, total spending by so-called "hyperscalers" could hit $770 billion this year, UBS said-23% higher than its previous forecast.

UBS said an "AI debt boom" was under way. The bank said U.S. tech companies would continue to borrow globally, after Alphabet's recent $31.5 billion deal, which included bonds in Swiss francs and British pounds.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

February 18, 2026 06:54 ET (11:54 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.