[JPMorgan Chase: AI Bond Issuance Reaches $266 Billion, Warns of Financial Risks] JPMorgan Chase's research report dated September 9, 2026, pointed out that year-to-date issuance of high-grade U.S. dollar bonds related to AI capital expenditures has reached $266 billion. Among these, $182 billion was issued by hyperscale vendors, $42 billion by data center operators, and $42 billion by semiconductor companies. The report estimates that AI capital expenditure financing needs will reach $2.1 trillion over the next five years. JPMorgan Chase believes that the financing structure for AI investments is shifting toward external debt, and with the U.S. fiscal year 2026 deficit projected to reach $2.1 trillion, fiscal risks are transforming into financial risks.