迄今的需求数据显示投资人正在消化供给：Alphabet 的 $20 billion 发行吸引了超过 $100 billion 的认购，而 Oracle 在前一周筹得 $25 billion，其订单簿峰值达到创纪录的 $129 billion。Alphabet 的发行分为 7 个分券（tranches），最长天期的债券（2066 年到期）定价约较美国公债（Treasuries）高 0.95 个百分点，低于先前讨论的约 1.2 个百分点。Alphabet 也表示，2026 年资本支出（capital expenditures）可能高达 $185 billion，超过其此前 3 年合计支出，主要用于扩建与 AI 驱动的搜寻及相关营收成长相连的资料中心产能。
在美国 4 家最大科技公司之间，资本支出预测在 2026 年将达到约 $650 billion；Morgan Stanley 预计超大规模云端业者在 2026 年将借款 $400 billion，而 2025 年为 $165 billion，这将助推今年投资级（high-grade）债务发行量逼近创纪录的 $2.25 trillion。策略师警告，这样的规模可能扩大公司债利差，并类比 1997/98 与 2005 年当信用表现落后但未必意味周期末端违约潮来临的情况。Alphabet 上一次造访美国公司债市场是在 2025 年 11 月，当时其筹得 $17.5 billion、获约 $90 billion 的认购（包含一档 50-year 票据），同时也发行了 €6.5 billion 的欧洲票据；Bloomberg Intelligence 估计，到 2029 年，AI、云端与资料中心的资本支出合计可能达到 $3 trillion。
Alphabet Inc. began a global borrowing push to fund a record artificial-intelligence spending plan, highlighted by a $20 billion US dollar bond sale on February 9, 2026, which exceeded the roughly $15 billion initially expected. The company is also preparing debut deals in Switzerland and the UK, including a rare 100-year bond, the first such attempt by a tech company since the dotcom-era market of the late 1990s. The surge in funding needs comes as other hyperscalers such as Meta and Amazon ramp up AI-related outlays, raising concerns that the AI arms race could require billions in new debt and pressure credit markets.
Demand data so far shows investors absorbing the supply: Alphabet’s $20 billion sale drew more than $100 billion of orders, and Oracle raised $25 billion the prior week after its order book peaked at a record $129 billion. Alphabet’s offering was split into 7 tranches, and the longest bond (maturing in 2066) priced at about 0.95 percentage point over Treasuries, tighter than the roughly 1.2 percentage point discussed earlier. Alphabet also said it may spend as much as $185 billion on capital expenditures in 2026, more than it spent over the prior 3 years combined, largely to build data-center capacity tied to AI-driven growth in search and related revenue.
Across the 4 biggest US tech companies, capital expenditures are forecast to reach about $650 billion in 2026, and Morgan Stanley expects hyperscalers to borrow $400 billion in 2026 versus $165 billion in 2025, helping push high-grade debt issuance toward a record $2.25 trillion this year. Strategists warn that this volume could widen corporate-bond spreads, drawing parallels to 1997/98 and 2005 when credit underperformed without necessarily signaling an end-of-cycle default wave. Alphabet’s prior US bond-market visit was in November 2025, when it raised $17.5 billion with about $90 billion of orders, including a 50-year note, alongside €6.5 billion of European notes, while Bloomberg Intelligence estimates AI, cloud, and data-center capital spending could total $3 trillion by 2029.