Alphabet (GOOG, GOOGL), Amazon (AMZN), Meta (META), Microsoft (MSFT), and Oracle (ORCL) are expected to see capital expenditures of roughly $800 billion this year and $1.2 trillion next year, according to Goldman Sachs. As the costs eat into their cash flow, these tech giants are increasingly turning to the bond market. Through August, US companies have issued $1.9 trillion in bonds, a 30% increase from the same period last year, according to SIFMA data. At the same time, global bond issuance by AI-linked companies has already surpassed $400 billion this year and is running at an annualized paceabove $500 billion, according to a quarterly report from the Institute of International Finance (IIF). US companies accounted for roughly 90% of the total.
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