BlockBeats News, July 10th, The Kobeissi Letter published an article stating that the AI arms race is driving record-breaking borrowing by major tech companies. Data shows that since 2026, Amazon, Alphabet, NVIDIA, Meta, Oracle, and SpaceX have issued a record $182 billion in investment-grade bonds, a 1300% increase from about $13 billion in the same period in 2025.

These six companies account for nearly 15% of the total U.S. corporate bond issuance so far this year and have contributed to over 50% of the growth in corporate bond issuance. During the same period, the U.S. market has seen a record seven bond deals of $250 billion or more, equivalent to the total number of such deals from 2019 to 2025.

Of these seven large bond deals, six are from the aforementioned six companies, with the remaining one from Salesforce. The capital demands of AI are reshaping the corporate bond market.