Investor demand for Big Tech bonds is fading: The cover ratio for bond deals from Amazon, AMZN, Apple, AAPL, Meta, META, Microsoft, MSFT, and Oracle, ORCL, fell to ~1.7x in July, the lowest since at least September 2025. This ratio measures how many Dollars of investor orders a bond deal receives for every Dollar of bonds issued. This metric has now fallen by -3.0 points over the last 5 months. By comparison, the average cover ratio across all investment-grade bonds stands at 3.4x, or roughly twice as high. In February 2026, Big Tech's average cover ratio was 4.7x, or 0.8 points above the average of the broader investment-grade market. This comes as the group has issued $194 billion in debt across different currencies so far this year, accounting for a record ~9% of the total US investment-grade bond supply. Bond investors are becoming increasingly reluctant to finance the AI buildout.(The Kobeissi Letter)