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.