The bond market has a new favorite story, and it sounds a lot like the one equity investors have been telling for the past two years. Big tech is borrowing big, and everyone is crowding into the same trade.
Hyperscalers, the handful of companies building the physical backbone of the AI economy, have issued approximately $244 billion in bonds globally through July 2026. That is more than double the $108 billion issued across all of 2025.
The numbers behind the wave
Meta, Nvidia, and Oracle each executed multiple $25 billion bond offerings since early 2026. Meta set a record with a single high-grade issuance of $30 billion, the largest of its kind from a corporate borrower in recent memory.
Morgan Stanley projects that AI-related investment-grade bond issuance in U.S. markets alone will reach between $350 billion and $400 billion by year-end 2026.
