Artificial intelligence infrastructure spending is driving Big Tech and the broader technology, media, and telecommunications sector toward record debt financing. JPMorgan forecasts TMT bond issuance will reach $540 billion in 2026, well above its earlier $450 billion estimate, with hyperscale cloud operators including Amazon, Alphabet, Meta Platforms and Oracle expected to account for $317 billion, including about $85 billion tied to data center projects. LSEG data show Amazon, Alphabet, Meta and Oracle sold about $194 billion of bonds through early July, up 79% from $108 billion in the same period of 2025, while Goldman Sachs expects annual issuance from the five largest hyperscalers, including Microsoft, to hit $250 billion this year and $400 billion by 2027. Demand has remained strong for some blockbuster deals, such as Alphabet's $25 billion multi-tranche sale, but secondary-market weakness in recent Nvidia, SpaceX and Amazon bonds points to growing market indigestion. JPMorgan said roughly $75 billion in new bonds came to market in June and July, widening mega-cap tech credit spreads by about 15 basis points, while credit default swap (CDS, insurance-like contracts against default) premiums for Oracle, Meta, Amazon, Alphabet and Broadcom climbed to record levels. Investors are also focusing on shadow borrowing through long-term lease commitments for data centers and related infrastructure. A Reuters review of company disclosures found the five largest U.S. hyperscalers have about $1.09 trillion of signed but not yet commenced lease commitments, versus $285 billion of lease liabilities already on balance sheets. JPMorgan argues AI financing may expand beyond conventional bonds into asset-backed securities (ABS, bonds backed by pools of assets) tied to AI chips, potentially creating a market worth trillions of dollars by 2030, even as portfolio managers warn that aggressive capex and uncertain monetization are eroding confidence.