Big Tech bond issuance is flooding the market: The technology sector represents 11.8% of all private sector debt issuance so far in 2026, the highest on record in data going back to 1999. This TRIPLES the percentage seen in 2023 and is 4.6 percentage points above the previous high in 2020. This comes as Big Tech firms rush to raise massive capital to fund AI infrastructure. The most recent bond sales include Alphabet, GOOGL, which issued nearly $33 billion across 3 markets this week. In addition, the company issued an extremely rare corporate bond that matures 100 years from now. This is the first 100-year bond issued by a tech company since Motorola in 1997. The tech debt frenzy is heating up.(The Kobeissi Letter)