How AI giants could raise the cost of borrowing in Europe

With more than $1 trillion (€900 billion) pouring into the artificial intelligence (AI) build-out, US tech giants are now competing with governments and companies in Europe for the same investment capital. Four of the Big Five hyperscalers — Amazon , Google -owner Alphabet, Meta and Oracle — have issued around $250 billion in bonds in dollars since the beginning of 2025, according to a tally of filings to US financial regulators by AI Industry Reviews, an independent platform that evaluates AI tools. They have sold a further €37 billion ($41 billion) of bonds in euros. Recently, Microsoft — the last of the Big Five to hold back — joined the AI borrowing spree with a $25 billion bond sale, all in dollars.