AI spending is now large enough to distort the bond market around it. Reuters reported on September 10 that Alphabet, Amazon, Meta, Microsoft and Oracle issued roughly $220 billion of bonds over the prior year as they funded data-center expansion. Similar credits are no longer always trading at similar spreads as repeated giant deals flood the market. Alphabet Inc. (NASDAQ:GOOGL) and Meta Platforms, Inc. (NASDAQ:META) turn that bond-market oddity into an equity question: how much should shareholders pay for AI growth when the funding itself is becoming more expensive? Cheap borrowers can still suffer from expensive projects Alphabet Inc.
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