US non-financial companies have sold more than €60 billion of euro-denominated bonds in 2026, setting a record as they raise funds for artificial-intelligence infrastructure. Morgan Stanley estimates hyperscalers (large-scale cloud computing companies) could issue another €50 billion in euros before year-end. On September 9, 2026, the largest number of US issuers ever recorded entered European bond markets in a single day, with Amazon debuting sterling bonds and Uber issuing in euros for the first time. Alphabet, Amazon, Meta, Microsoft and Oracle have about €40 billion of outstanding euro-denominated bonds, nearly 10% of new euro non-financial corporate issuance. AI-related capital spending is estimated at $650 billion to $725 billion in 2026 and is projected to exceed $1 trillion by 2028. The European Central Bank has warned that the US issuance wave could crowd out European borrowers and push up corporate bond yields.