The technology giants, who used to have no shortage of money and almost never borrowed, are collectively pouring into the bond market to "inject blood" into AI data centers. According to MSX's analysis, the U.S. AI-related borrowing has set a new record within 2026, with players ranging from colossal cloud providers to highly leveraged new GPU clouds.

Data in One Minute

• Amazon issued $92 billion in bonds this year, topping the list, and rarely stated that "it will not borrow again this year."
• Six major AI issuers have raised $182 billion in bonds this year, more than ten times the approximately $13 billion from the same period last year.
• Oracle surged to second place through off-balance-sheet SPV ($66 billion), totaling $91 billion.
• CoreWeave has $25 billion in interest-bearing debt, with interest in a single quarter consuming about a quarter of its revenue.

MSX believes that AI is shifting from "investing in profits" to "expanding through borrowing," which is a key signal of the current cycle: demand certainty is high, but risks have quietly shifted from shareholders to the bond market. The real watershed is whether returns can outpace interest; the giants have good credit and can withstand it, while high-leverage neoclouds are most sensitive to AI demand and interest rates. The capital expenditure guidance and free cash flow of Amazon, Microsoft, and others on July 30 will determine whether this growing debt is a strength or a hidden danger.

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Risk Warning: The macro economy and U.S. stock market are highly volatile. The content of this article is for academic and research observation reference from the MSX Research Institute and does not constitute any investment advice.

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