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The AI boom is no longer just a spending story. It’s becoming a debt story — and Wall Street is starting to pay attention. Over the past six months, Big Tech’s biggest names — Meta Platforms, Inc. (NASDAQ:META), Amazon.com, Inc. (NASDAQ:AMZN), Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) and Oracle Corp (NYSE:ORCL) — have collectively raised roughly $140 billion in debt to fund AI infrastructure.
That’s a sharp shift.
For years, hyperscalers funded growth largely through internal cash flows. Now, AI capex is outpacing that — and the gap is being filled by the bond market.
The AI Arms Race Goes Leveraged
The numbers tell the story.
- Meta raised about $30 billion through one of the largest corporate bond …
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