AI debt is fueling the global corporate debt surge: US AI-linked bond issuance rose +$145 billion YoY, to a record $220 billion in 2025. This is equal to the combined total issued over the last 3 years. Including loans, technology corporate debt issuance jumped to ~$270 billion, the 2nd-largest on record. US AI-linked debt was the biggest driver of rising global corporate debt this year, according to IIF. As a result, world non-financial corporate liabilities are close to $100 trillion, an all-time high. The AI financing boom is reshaping global debt dynamics.(The Kobeissi Letter)