Major technology companies, including Amazon, Microsoft, Alphabet, Meta, and Oracle, are actively tapping the bond market to finance large-scale investments in artificial intelligence and cloud infrastructure. The amount raised in recent weeks has already reached tens of billions of dollars.

The funds are being used to build and upgrade data centers, strengthen networks, and purchase AI-optimized chips. Analysts estimate that total capital expenditures on data centers this year could approach $400 billion — nearly double last year’s figure.

Even companies with strong cash flows prefer to lock in current interest rates and use debt financing to seize the window for aggressive AI and cloud expansion. This has led to a sharp increase in the supply of high-grade corporate bonds.

Some fund managers warn that this wave of borrowing could expose investors to greater risk if demand for AI and cloud services slows. In such a case, higher leverage may trigger a reassessment of risks and corrections in the stocks of even the largest tech issuers.