Quick Read – Tech giants are issuing investment-grade debt at such scale and favorable yields that Treasury investors are shifting capital away from government bonds, forcing the U.S. government to compete with near-AAA corporates for funding. – Alphabet (GOOGL) issued $68.4B in…
bt across three recent offerings and guided to $175-$185B in 2026 capital expenditures, while Amazon (AMZN) increased long-term debt to $119.1B from $65.6B year-over-year and committed to $200B in 2026 capital expenditures, funded by a trillion dollars of AI-related debt concentrated among hyperscalers. – The analyst who called NVIDIA in 2010 just named his top 10 stocks and Amazon wasn’t one of them. Get them here FREE
A structural shift is happening in fixed income. Tech giants like Alphabet (NASDAQ:GOOGL) and Amazon (NASDAQ:AMZN) are issuing investment-grade debt at such scale that bond investors now treat them as sovereign-comparable borrowers. On a recent episode of Slate Money, the hosts talked about how hyperscalers are issuing so much debt that “they’re competing with treasuries now.” The numbers are striking.
The panel pointed to a trillion dollars of AI-related debt issued so far, mostly concentrated among hyperscalers rather than spread across speculative borrowers. Alphabet alone has tapped the senior unsecured note market repeatedly with $31.1 billion in Q1 2026, $24.8 billion in November 2025, and $12.5 billion in May 2025. Amazon’s long-term debt jumped to $119.1 billion from $65.6 billion year over year, with cash from financing activities of $52.767 billion in Q1 2026 alone.