AI borrowing is skyrocketing: Big Tech firms issued a record $120 billion in corporate debt in 2025 to fund AI-related investments. Issuance surged +500% compared to 2024 levels. This is also more than in the four preceding years COMBINED. Amazon, AMZN, Google, GOOGL, Meta, META, Microsoft, MSFT, and Oracle, ORCL, are now expected to issue +18% more debt in 2026, bringing the total to $142 billion. In one scenario, they could raise as much as $317 billion, a +164% YoY spike. AI debt is skyrocketing.(The Kobeissi Letter)