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JPMorgan's Aliaga Says Bond Market Can Absorb Hyperscaler AI Debt, Citing $1.5 Trillion of Extra Capacity

September 1, 2026 at 14:51 EDT

Infra & Chips
Finance

JPMorgan Asset Management global market strategist Stephanie Aliaga said the bond market can absorb a growing supply of hyperscaler debt, arguing that rising artificial intelligence demand is reassuring investors the companies can pay their obligations.

September 1, 2026 · JPMorgan Asset Management

Bond market can absorb hyperscaler AI debt

Stephanie Aliaga says rising AI demand supports repayment. The largest cloud builders could add $1.5 trillion more in bonds while remaining less leveraged than the broader market.

U.S. bond sales · five hyperscalers

Issuance has jumped from a rounding error to a market driver

$35B

2020-24 yearly average

$93B

Full year 2025

$132B

2026 through July 31

Year-to-date 2026 sales already run about 3.8 times the pre-boom yearly average.

Share of the U.S. investment-grade bond index held by the six largest hyperscalers

$1.5T

Extra debt Aliaga says the group could comfortably add

Index weight versus two years earlier

How the financing loop works

AI demand rises

→

Capex scales up

→

Bonds fill the gap

→

Market sets the price

Absorption case

Leverage is still below the broader market, AI demand is cited as the repayment backstop, and Aliaga sees room for $1.5 trillion more debt.

Market pushback

Concessions have widened, cover ratios fell below 2x, and credit buyers describe fatigue even as deals continue to clear.

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