Alphabet公布的季度財報進一步加劇了拋售潮，該公司上調了全年資本支出預測，顯示新債發行的洪流將持續不斷。Alphabet 2046年到期的債券殖利率上升約9個基點至6.11%，Oracle部分2030年到期債券殖利率上升17個基點至約6.09%，微軟和亞馬遜的信用違約互換價格也被推高，反映出投資者對風險上升的擔憂。今年AI相關借貸總額已達約三千五百億美元，投資級債券基金在截至週三的一週內遭遇七十一億美元的資金淨流出，為2020年4月以來最大規模。
市場供給壓力持續加大，貝萊德正計劃發行超過一百二十億美元債券以資助Meta在德州的數據中心建設，巴克萊銀行也將今年美國投資級債券發行總量預測從一點六萬億美元上調至一點九萬億美元。業內人士指出，科技公司的債券發行規模已可與六大銀行匹敵，供給疲勞正在逐週加速，市場正面臨AI資本支出焦慮、油價衝擊與利率重新定價的三重打擊。（關鍵數字：12, 1.6, 1.9, 20）
Bonds issued by major US technology companies including Alphabet, Oracle, Microsoft, and Amazon fell sharply on Thursday as investors grew increasingly anxious about the massive debt-driven AI investment boom. The selloff was compounded by surging oil prices exceeding $100 per barrel amid escalating Middle East tensions, which stoked inflation fears and pushed longer-term bond yields higher, threatening to raise borrowing costs for companies pouring hundreds of billions of dollars into artificial intelligence infrastructure.
Alphabet's quarterly earnings report intensified the downturn after the company raised its full-year capital expenditure forecast, signaling continued heavy debt issuance. Yields on Alphabet's 2046 bonds rose approximately 9 basis points to 6.11%, while Oracle's 2030 debt saw yields climb 17 basis points to around 6.09%. Credit default swaps on Microsoft and Amazon debt were also bid up. AI-related borrowing has reached roughly $350 billion this year, and US high-grade bond funds experienced $7.1 billion in outflows for the week ending Wednesday, the largest since April 2020.
Supply pressures show no signs of easing, with BlackRock planning to sell over $12 billion in bonds to finance a Meta data center in Texas, and Barclays raising its full-year US investment-grade issuance forecast from $1.6 trillion to $1.9 trillion. Market participants warn that tech hyperscalers now rival the largest banks as top investment-grade issuers, and even the rumor of another $20 billion deal causes the entire complex to reprice wider—a clear sign that supply fatigue is accelerating week by week across all asset classes.