Big Tech bond issuance, including debt from special-purpose vehicles (SPVs), is projected to reach a record $320 billion in 2026, up $120 billion, or 60%, from 2025 and nearly nine times the 2024 level. The amount would equal about 70% of total U.S. Treasury issuance. AI companies have issued roughly $220 billion this year, while Amazon, Alphabet, Meta and Oracle issued about $194 billion through early July, up 79% from all of 2025. The borrowing is financing data centers, chips and cloud capacity, placing technology companies in greater competition with the U.S. government for long-term investors. The Kobeissi Letter said the AI debt boom is driving Treasury yields higher, although Cato Institute research fellow Jai Kedia described corporate-bond competition with government debt as healthy and identified federal borrowing, tariffs and inflationary policies as larger risks. The 10-year Treasury yield recently reached 4.80%, while the 30-year yield rose to 5.31% in August. Treasury Secretary Scott Bessent has doubled long-end liquidity-support buybacks to at least $4 billion per operation. Foreign central banks’ share of the Treasury market has fallen from nearly 40% in 2008 to 12%, while gold purchases exceeded 4,000 tons from 2022 through 2025 and gold represented 27% of global official reserves at the end of 2025.