Meta Platforms Inc. is entering the euro bond market for the first time, joining a wave of borrowing by the world's largest technology companies as they compete to fund trillions of dollars in artificial intelligence investments.

The Facebook parent company is turning to European investors after raising $15 billion in the dollar bond market on Tuesday. Its euro offering follows one of the busiest-ever periods for Big Tech debt, with Meta, Microsoft Corp., Oracle Corp. and Alphabet Inc. collectively tapping markets for almost $57 billion since late last week.

Technology borrowers who paused for three months from the US high-grade debt market are coming back just as investors become more cautious about their spending on data centers, chips and other infrastructure needed to power AI. Microsoft ended the dry spell with a $25 billion sale last week, followed by a $10 billion deal from Oracle.

Meta is offering the IPT: Meta EUR Benchmark Debt Offering in 6 Parts with maturities ranging from just over four years to over 38 years, according to a person familiar with the matter. The initial price level for the shortest tranche is around 140 basis points over mid-swaps, while the longer tranche is being shown at around 370 basis points over, said the person, who asked not to be identified.

This marks Meta's first bond sale outside its home market. Investors placed as much as $58 billion of bids for the dollar transaction on Tuesday. Citigroup Inc. and Morgan Stanley are managing the euro bond transaction, which is expected to price later on Wednesday.

The surge of deals comes as the AI buildout faces increased scrutiny from both investors and politicians. There are also questions about whether Democrats, who just gained control of Congress in the US midterm elections, will be as favorable to Big Tech. Voter frustration over the vast data centers being constructed across the country was a major election issue in states like Ohio, where Republican Senator Jon Husted was defeated.