Big Tech’s AI Debt Wave Threatening to Swamp Credit Markets (1)

A flood of debt sales from Big Tech risks overwhelming buyers and could weaken the credit market on both sides of the Atlantic.

That’s the warning from Wall Street and investors, if the recent pace of mega bond offerings from the likes of Alphabet Inc. and Meta Platforms Inc. continues in 2026. These sales have capped a record year of global issuance.

With tech firms expected to turn to debt for as much as $1.5 trillion by 2028 to fund expansion in artificial intelligence and data centers, that could widen spreads across the whole market, Morgan Stanley argues. Bond buyers ...