The AI arms race is driving record Big Tech borrowing: Amazon AMZN, Alphabet GOOGL, Nvidia NVDA, Meta META, Oracle ORCL, and SpaceX, SPCX, have issued a record $182 billion in investment-grade bonds so far in 2026. This marks a +1,300% increase from ~$13 billion over the same period in 2025. As a result, these 6 firms account for nearly 15% of total US corporate bond issuance year-to-date and over 50% of this year's growth in corporate bond issuance. Meanwhile, a record 7 bond deals of $25 billion or more have taken place during this period, matching the total number of deals seen between 2019 and 2025. 6 of the 7 deals came from these 6 companies, with the remaining one coming from Salesforce, CRM. AI capital needs are reshaping the corporate bond market.(The Kobeissi Letter)