Microsoft, Oracle, Alphabet and Meta have arranged or announced more than $60 billion in financing in roughly a week as they expand artificial-intelligence infrastructure. Microsoft led with a $25 billion investment-grade bond offering in early November 2026, its first since 2017; Alphabet issued €6 billion, worth about $6.7 billion; Meta is seeking at least $15 billion through U.S. dollar bonds as part of fundraising expected to reach at least $20 billion and is preparing its first euro-denominated bond sale; and Oracle priced a $20 billion stock-and-bond offering. Oracle's transaction comprised $10 billion of common stock and $10 billion of senior notes, with 86.2 million shares sold at $116 each, an 11.2% discount to its Oct. 30 closing price of $130.67, and projected net equity proceeds of about $9.9 billion. Its five debt tranches mature from 2029 to 2046 and carry coupons of 7% to 8.65%. Oracle said proceeds may fund capital spending, debt reduction, investments, acquisitions, dividends and share buybacks as it expands cloud capacity for AI demand. Meta's additional fundraising follows a $25 billion common-stock offering, $12.5 billion raised through preferred shares and plans to sell as much as $60 billion through an at-the-market equity program. Meta intends to use the capital to expand AI infrastructure and develop products including Muse Wonder. The financing wave increases interest expense, dilution and leverage while free cash flow remains under pressure: Oracle targets positive free cash flow in the second half of fiscal 2028 and more than $30 billion in fiscal 2029, while S&P Global Ratings expects Meta's capital spending to reach about $140 billion in 2026 and exceed $225 billion in 2027. Cloud-computing and data-center companies issued $368 billion of debt in 2026, more than six times the previous year's pace, while seven major U.S. technology companies raised approximately $429 billion in bonds since 2025 for AI operations.