Big Tech’s AI borrowing boom tests US bond market

cityam

Jan 27

Those concerns have only resurfaced as tech stocks have wobbled in recent months Big Tech is on track to become the dominant force in the US corporate bond market, as the race to build AI ...

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only resurfaced as tech stocks have wobbled in recent months Big Tech is on track to become the dominant force in the US corporate bond market, as the race to build AI ...</p>\n\n<a href=\"https://www.cityam.com/big-techs-ai-borrowing-boom-tests-us-bond-market/\">Source Link</a>\n\n</div>\n","source":"cityam_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Big Tech’s AI borrowing boom tests US bond market</title>\n<style 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href=\"https://www.cityam.com/big-techs-ai-borrowing-boom-tests-us-bond-market/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4585","symbol_name":"ETF&股票定投概念","start_time":0,"source_url":"https://www.cityam.com/big-techs-ai-borrowing-boom-tests-us-bond-market/","article_id":"2606359477","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2025/12/stock-market-e1766501495405.jpg?w=824&h=463&crop=1"],"rights":{"source":"cityam_highlight","url":"https://www.cityam.com/big-techs-ai-borrowing-boom-tests-us-bond-market/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2606359477","pubTimestamp":1769527891,"columns":[],"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":"Those concerns have only resurfaced as tech stocks have wobbled in recent months Big Tech is on track to become the dominant force in the US corporate bond market, as the race to build AI infrastructure drives an unprecedented surge in borrowing that is beginning to worry investors.By the end of the decade, around half of the 10 largest borrowers in the US bond market will be so-called hyperscalers, such as Alphabet, Amazon, Meta, Microsoft and Oracle, according to forecasts from Apollo Global Management.This would mark a huge shift for a market long dominated by banks and telecoms groups, whose steady cash flows traditionally insulated bond investors from the volatility of tech-heavy equity markets.Instead, credit portfolios are becoming increasingly exposed to AI.The change is being driven by the sheer scale of capital expenditure required to build data centres, power infrastructure and custom chips to support generative AI.This has extended AI exposure far deeper into credit portfol","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4585":"ETF&股票定投概念","ORCL":"甲骨文","GOOGL":"谷歌A","BK4023":"应用软件","MSFT":"微软","AMZN":"亚马逊","BK4588":"碎股","BK4581":"高盛持仓","BK4543":"AI","META":"Meta Platforms, Inc.","BK4551":"寇图资本持仓","BK4587":"ChatGPT概念","BK4528":"SaaS概念"},"translate_title":"大型科技公司的人工智能借贷热潮考验美国债券市场","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GOOGL":1.87,"AMZN":1.87,"MSFT":1.87,"META":1.87,"ORCL":1.87},"content_text":"Those concerns have only resurfaced as tech stocks have wobbled in recent months Big Tech is on track to become the dominant force in the US corporate bond market, as the race to build AI infrastructure drives an unprecedented surge in borrowing that is beginning to worry investors.By the end of the decade, around half of the 10 largest borrowers in the US bond market will be so-called hyperscalers, such as Alphabet, Amazon, Meta, Microsoft and Oracle, according to forecasts from Apollo Global Management.This would mark a huge shift for a market long dominated by banks and telecoms groups, whose steady cash flows traditionally insulated bond investors from the volatility of tech-heavy equity markets.Instead, credit portfolios are becoming increasingly exposed to AI.\n\nThe change is being driven by the sheer scale of capital expenditure required to build data centres, power infrastructure and custom chips to support generative AI.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMorgan Stanley estimates hyperscalers and adjacent sectors will raise about $400bn (£291.17bn) from the US investment-grade bond market in 2026 alone, up from $170bn last year and just $44bn in 2024.Meanwhile, banks are expected to borrow less as regulatory changes allow them to hold less capital on their balance sheets, accelerating Big Tech’s rise up the borrowing league tables.Credit markets feel the strainThe growing concentration is already visible in benchmark indices, with JPMorgan saying AI and data-centre-related issuers now account for 14.5 per cent of its US Liquid Index.\n\nThe firm expects that figure to exceed 20 per cent by 2030.That worries some investors, who fear that credit markets are becoming more correlated with equities just as questions mount over whether AI spending will generate sufficient returns.“What appears diversified across issuers and sectors increasingly represents a single macro trade on AI,” Apollo analysts warned in their latest credit outlook.But the concern is not only the hyperscalers themselves. The AI investment boom has also boosted borrowing across utilities, industrials and energy firms supplying power and equipment to data centres.\n\nThis has extended AI exposure far deeper into credit portfolios than issuer lists suggest.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}