The AI buildout is fueling record Big Tech borrowing: Alphabet GOOGL, Amazon AMZN, Meta META, Microsoft MSFT, and Oracle ORCL have issued a record $159 billion in corporate bonds in 2026. This already surpasses the full-year 2025 total by +47% or +$51 billion. To put this into perspective, between 2020 and 2024, these companies issued a total of ~$150 billion in debt. Oracle alone has issued $43 billion since September 2025. Meanwhile, AI-related global debt issuance is expected to more than double to a record ~$570 billion in 2026, according to Morgan Stanley. AI is reshaping global credit markets.(The Kobeissi Letter)