Global AI Debt Issuance Drops Sharply to $23 Billion in September

Global tech borrowing for artificial intelligence infrastructure fell sharply to $23 billion in September, down from a peak of $113 billion in June. In the US investment-grade market, AI-related bond issuance halted entirely in September after blue-chip tech firms raised $306 billion between January and August. The pullback comes as investors scrutinize returns on massive capital expenditures and hyperscaler borrowing costs rise. Total year-to-date AI debt issuance reached $466 billion, compared to $101 billion in the same period last year, while loans backing Oracle's $18 billion project traded down to 85 cents on the dollar.