Technology giants Microsoft, Alphabet, Amazon, Meta and Oracle significantly increased their investment-grade bond issuances between 2025 and 2026 to finance the expansion of data centers, chip production and other artificial intelligence infrastructure. The fundraisings exceeded $190 billion in 2026, generating concern among investors and credit rating agencies regarding these companies' cash generation capacity.
According to a Goldman Sachs survey, these groups' issuances totaled $108 billion in 2025, representing approximately 26% of the sector's capital expenditures that year. Morgan Stanley projections indicate that the accumulated volume could reach nearly $400 billion by the end of 2026.
The financing strategy is changing the financial profile of these companies, which historically relied on their own resources for their investments. This paradigm shift has drawn market attention regarding debt risks.
Oracle serves as a concrete example of this new dynamic. On July 9, 2026, S&P Global Ratings downgraded its credit rating to BBB-, the last level still considered investment grade, reflecting the effects of the significant increase in debt among sector companies.
