Big Tech's AI infrastructure debt has doubled to $350B, with hyperscalers issuing record bonds in Europe, crowding out local scale-ups and signaling a shift from capital-light to capital-heavy tech.

Amazon's bond sale, initially targeting $25 billion, priced at $37 billion after massive investor demand as Big Tech races to fund AI infrastructure.

Amazon plans to raise at least $25 billion in an eight-tranche bond sale for AI infrastructure as investor demand weakens and AI-related debt prices slide.