此类筹资是为了支撑预计至 2030 年底接近 US$5 trillion 的 AI 建置支出；目前科技公司已向美国投资人出售逾 US$300 billion 的 AI 相关债务。Barclays Plc 指出，今年美国高评级（investment-grade）公司债发行中，约 40% 来自科技公司（不含金融业），若全年占比延续将创纪录；同时 Citigroup Inc. 数据显示，第二季科技债中约 60% 期限为 15 年或更长，以利吸收供给并分散再融资压力。
海外市场亦出现「挤出效应」疑虑：多位投资人担心外币市场供给快速上升，可能压迫本地企业融资与推升让利需求，并使既有债券利差走阔；此外，科技股上涨带动股指，但其债券报酬落后整体投资级市场，显示信用端对供给与估值的消化不如股市。Alphabet 的欧元债存量约 €22 billion（约 US$26 billion），在非金融发行人中排名第 8，且其债务中仅约 55% 仍以美元计价；Amazon.com Inc. 亦以首笔瑞士法郎交易募得逾 US$3 billion，成为该市场第 6 大发行人。
Alphabet Inc. is running an unusually global, multi-currency funding program to finance AI investment, raising close to US$60 billion in roughly four months across dollars, pounds, Swiss francs, euros, Canadian dollars, and now yen. The surge includes a US$17 billion bond deal and a record C$8.5 billion (about US$6.2 billion) Canadian sale; its yen transaction is structured in eight parts and executed via round-the-clock bookbuilding that passes from Tokyo to London to New York and back. The pace is about four times the total bonds Alphabet issued over its prior 26 years, placing it among the largest corporate borrowing sprees on record.
The borrowing boom reflects an AI buildout projected to cost nearly US$5 trillion by end-2030, with tech companies already selling more than US$300 billion of AI-linked debt to US investors. Bankers argue the US market alone cannot absorb the volume without pushing funding costs sharply higher, and Barclays Plc estimates tech accounts for nearly 40% of this year’s US investment-grade corporate issuance (excluding financials), a record if maintained. To help the market digest supply, Citigroup Inc. data show about 60% of sector bonds sold in the second quarter mature in 15 years or longer, lengthening duration and spreading refinancing risk.
Strain and spillovers are emerging: tech equities are lifting benchmark indexes, yet tech bond returns have lagged the broader investment-grade market, signaling weaker credit performance amid heavy supply. Overseas issuance also raises crowding-out concerns for local borrowers and the risk that frequent follow-on deals widen spreads on outstanding bonds as investors demand larger concessions. Alphabet has become a major foreign issuer with about €22 billion (about US$26 billion) of euro debt (eighth-largest non-financial issuer) and only about 55% of its bond debt now denominated in US dollars; Amazon.com Inc. also raised more than US$3 billion in its first Swiss-franc deal, becoming that market’s sixth-largest issuer.