Hyperscalers flood bond markets with record AI infrastructure debt
Source: Bloomberg (paywall)
Tech giants are issuing unsecured bonds at a record pace to fund data centers and AI infrastructure: $155B through May, 45% ahead of last year's schedule, with individual deals drawing 4x oversubscription. The appetite signals investor confidence in AI monetization, but it also reveals structural risk. Hyperscaler debt is becoming a speculative asset class, with prices increasingly decoupled from infrastructure productivity or revenue generation.