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AI
2026-08-14 10:40:06

AI Spending Fuels Bond Rush Among U.S. Tech Giants, With Nearly $2 Trillion in Off-Balance-Sheet Commitments

A debt wave tied to artificial intelligence spending is sweeping through major U.S. technology companies, with AMD’s $4.75 billion bond sale adding to a year of outsized fundraising across the sector. Bloomberg reported on Aug. 13 that the chipmaker completed the largest U.S. dollar bond offering in its history. Earlier this year, Nvidia sold $25 billion in bonds and drew roughly $85 billion in orders, while Alphabet also raised $25 billion in early August with demand reaching $115 billion. Reuters, citing London Stock Exchange Group data on Aug. 14, said Alphabet, Amazon and Meta had issued nearly $220 billion in bonds so far this year, more than double the $108 billion sold during all of 2025. The visible borrowing is only part of the picture. An Aug. 11 article from BigGoFinance, citing recent research from Goldman Sachs and Morgan Stanley, said AI cloud companies including Alphabet, Microsoft, Amazon and Meta have amassed close to $2 trillion in off-balance-sheet financial commitments through leases that have not yet started and procurement contracts. Goldman estimated about $1.5 trillion in off-balance-sheet lease commitments, including around $1 trillion not yet commenced. Morgan Stanley put procurement commitments for Alphabet, Microsoft, Amazon, Nvidia and Oracle at $982 billion as of the end of the first quarter. Credit markets have begun to react, with Beignet bonds yielding 6.95%, up from about 5.65% at issuance last autumn, while CDS pricing on debt from Oracle, Nvidia, Meta and Alphabet has also climbed to record highs.

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AI Spending Fuels Bond Rush Among U.S. Tech Giants, With Nearly $2 Trillion in Off-Balance-Sheet Commitments