MSX US Stock Daily Watch: AI Giants Are Breaking Records in Debt Financing
- Core View: Tech giants are shifting from "funded by profits" to "expansion through debt" to finance AI data centers. In 2026, US AI-related bond issuance has surged more than tenfold to $182 billion. While demand certainty is high, whether returns can outpace interest costs has become a key risk point, making highly leveraged GPU new clouds, which are sensitive to interest rates, particularly vulnerable.
- Key Elements:
- Amazon topped the list with $92 billion in bond issuance this year and rarely stated it would "not borrow again this year," reflecting that its AI investment plan has temporarily peaked.
- Six major AI issuers issued $182 billion in bonds this year, a more than tenfold increase from approximately $13 billion in the same period last year, showing exponential growth in debt scale.
- Oracle raised $66 billion through off-balance-sheet SPVs, totaling $91 billion, ranking second, reflecting the widespread use of structured financing strategies.
- CoreWeave's interest-bearing debt reached $25 billion, with quarterly interest already consuming about a quarter of its revenue, revealing the financial pressure on highly leveraged GPU cloud companies.
- MSX believes that the capital expenditure guidance and free cash flow from Amazon, Microsoft, and other earnings reports on July 30th will be the watershed for judging whether debt market risks are turning into hidden dangers or confidence.
Tech giants that were once flush with cash and rarely took on debt are now collectively flooding the bond market to fund AI data centers. According to MSX, debt issuance related to AI in the U.S. has hit a new record in 2026, with participants ranging from hyperscale cloud providers to highly leveraged GPU-focused neoclouds.
Data Snapshot
- Amazon led the year by issuing $92 billion in bonds, rarely stating it would "not borrow again" for the rest of the year.
- Six major AI issuers have raised $182 billion in bonds this year, a more than tenfold increase from approximately $13 billion in the same period last year.
- Oracle surged to second place with off-balance-sheet SPV (Special Purpose Vehicle) debt of $66 billion, totaling $91 billion.
- CoreWeave holds $25 billion in interest-bearing debt, with quarterly interest payments already consuming about a quarter of its revenue.
MSX believes that AI is shifting from "funding with profits" to "expanding through debt", a key signal for the current cycle: demand certainty is high enough, but risk has quietly shifted from shareholders to the bond market. The real dividing line hinges on whether returns can outpace interest payments. Giants with strong credit can withstand it, while highly leveraged neoclouds are most sensitive to AI demand and interest rates. Capital expenditure guidance and free cash flow in earnings reports from Amazon, Microsoft, and others on July 30 will determine whether this growing mountain of debt is a sign of strength or a looming risk.
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