Credit pressure is building across major technology companies, according to market research firm The Kobeissi Letter. In a post on X, the firm said investors are growing more concerned about Big Tech debt, with Oracle showing the sharpest move. Oracle’s 5-year credit default swap, or CDS, has risen 70 basis points year to date to roughly 215 basis points, a record level and the biggest increase among large-cap tech names mentioned in the update. Broadcom followed with a 48-basis-point rise over the same period. Meta’s 5-year CDS climbed 39 basis points to 95 basis points, its highest level since trading began in October 2025. Nvidia’s 5-year CDS rose 32 basis points in 2026 so far to about 82 basis points, the highest since trading started in November 2025. Amazon and Alphabet also posted gains of 30 and 29 basis points, respectively. At the same time, Big Tech companies have issued about $200 billion in corporate bonds so far this year, nearly double the full-year total seen in 2025. The Kobeissi Letter said credit markets are becoming increasingly concerned about the cost of financing the AI race.
Credit concerns around major technology companies are rising, market research firm The Kobeissi Letter said in a post on X.
Oracle has seen the biggest move. Its 5-year credit default swap, or CDS, is up 70 basis points year to date to around 215 basis points, a record level and the largest increase among large technology companies cited in the post.
Broadcom’s 5-year CDS has risen 48 basis points over the same period. Meta’s 5-year CDS climbed 39 basis points to 95 basis points, the highest level since it began trading in October 2025.
Nvidia’s 5-year CDS is up 32 basis points so far in 2026 to about 82 basis points, marking its highest level since trading started in November 2025. Amazon and Alphabet have also seen their 5-year CDS rise by 30 basis points and 29 basis points, respectively.
At the same time, Big Tech companies have issued about $200 billion in corporate bonds so far this year, nearly twice the total for all of 2025. The Kobeissi Letter said credit markets are growing more concerned about the cost of funding the AI race.
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