Tech Giants Borrow $236 Billion in Five Months as AI Infrastructure Costs Surge

Major technology companies are issuing record amounts of debt to finance an unprecedented artificial-intelligence infrastructure buildout, marking a dramatic shift in how the industry finances its most expensive bet ever. AI-linked bond issuances have surged nearly 974% compared to the same period a year ago, with hyperscalers collectively raising $225 billion through mid-2026 on track to exceed $400 billion for the full year — already doubling 2025's total. This borrowing binge signals that even the world's largest tech giants can no longer finance their AI ambitions through cash flows alone.