Bloomberg data show Alphabet, Amazon, Meta, Microsoft and Oracle added about $350 billion of debt over five years as AI data center spending accelerated, pressuring demand and credit ratings.
Big Tech's AI buildout is increasingly reshaping corporate debt markets, with Bloomberg data showing Alphabet, Amazon, Meta, Microsoft and Oracle added about $350 billion of debt over the past five years to help finance data centers. That longer-term borrowing surge adds context to the record $182 billion of investment-grade bond issuance in 2026 to date by Amazon, Alphabet, Nvidia, Meta, Oracle and SpaceX, according to the existing topic record. Fresh signs of strain have also emerged: Amazon's $25 billion bond sale this week reportedly met unusually weak demand, and S&P cut Oracle to the lowest investment-grade rating on Thursday as AI spending rises.