Big Tech's $182 Billion AI Debt Spree: How META, NVDA and AMZN Are Reshaping Credit Markets

The article says Big Tech’s aggressive AI infrastructure spending is spilling into credit markets, with Meta, Nvidia, Amazon, Alphabet, Oracle, and SpaceX issuing a record $182 billion of investment-grade bonds in 2026 so far, up 1,300% year over year and roughly 15% of total U.S. corporate bond issuance year-to-date. Investors are responding by demanding higher compensation for credit risk: 5-year CDS spreads for Oracle, Amazon, Google, and Microsoft have risen to about 75 basis points, near a 7-year high, while the same basket excluding Oracle is around 49 basis points, the highest since at least 2018. The piece frames this as a structural market shift where AI capex is reshaping fixed-income pricing and making balance-sheet risk a more important factor for equity and bond investors alike.