AI Arms Race Drives Record Bond Issuance by Tech Giants

The Kobeissi Letter notes that from 2026 to date, Amazon, Alphabet, Nvidia, Meta, Oracle, and SpaceX have issued $182 billion in investment-grade bonds, an increase of approximately 1300% compared to the same period in 2025.

These six companies account for nearly 15% of the total corporate bond issuance in the U.S. this year, contributing to over 50% of the growth in corporate bonds this year. During the same period, there were 7 large bond transactions of $25 billion or more, 6 of which came from the aforementioned companies.

The demand for AI capital expenditures is reshaping the structure of the corporate bond market.

Source: Public Information