An AI Bubble? The Bond Market Is Not Seeing One: Shuli Ren

As a debt-fueled AI investment boom takes off, especially in cloud and data centers, many are worried that a tech bubble is forming in the global economy.

Big Tech has been rushing to sell corporate bonds lately. Five companies — Amazon.com Inc., Alphabet Inc., Meta Platforms Inc., Microsoft Corp. and Oracle Corp. — have raised $93 billion this year, more than the previous three years combined.

Adding to the concerns, companies are indulging in some creative accounting. Meta Platforms sealed a $27 billion financing package in late October for its massive data center in rural Louisiana, using a joint venture structure with private ...