Big Tech groups launch global borrowing spree to fund AI expansion

FT headline reports that large technology companies have begun a global borrowing spree to finance AI expansion (article behind paywall). Market effects are likely to include increased corporate bond issuance that could put upward pressure on yields and credit spreads, while boosting capital expenditure and revenue prospects for AI infrastructure and cloud suppliers. Equity markets tied to AI growth (eg, major cloud/advertising platforms) could see supportive demand, but higher leverage and potential rate sensitivity create downside risk for credit and more cyclical tech names. Near-term impact: pressure on fixed income and debt markets; medium-term positive for AI-capex beneficiaries, making the outlook mixed.