Tech companies are on a wild debt binge to fuel their AI ambitions. It could mean trouble for markets.

Core Insights - Big Tech firms are leading a surge in corporate bond market activity, raising significant amounts of capital amid strong investor interest in AI [1][2][3] - The total global bond sales have reached approximately $6 trillion in 2025, surpassing the previous record set in 2024, with major contributions from a few large tech companies [3][6] - Concerns are growing among strategists regarding the increasing debt levels among these firms, particularly in relation to their AI investments [4][5][6] Company-Specific Activities - Alphabet, Amazon, Meta, Microsoft, and Oracle have collectively issued around $100 billion in bonds year-to-date, more than double the amount raised in the previous year [3] - Amazon's recent bond sale was oversubscribed, raising $15 billion after initially targeting $12 billion, with $80 billion in orders from investors [7] - Oracle is planning to sell $38 billion in bonds to finance its AI infrastructure development [7] - Meta completed a $30 billion bond sale in late October, marking the largest corporate bond offering of the year [7] Market Trends - The trend of increased borrowing among Big Tech is expected to continue, driven by their commitment to AI spending [4] - While investor appetite for bonds remains strong, the rising levels of corporate debt could pose risks to the broader market and economy [6]