MSX Daily US Stock Market Watch: AI Giants' Borrowing Spree Is Setting Records
- Core Thesis: Tech giants are pivoting from "funding with profits" to "expansion via 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 is the key risk, making highly leveraged GPU hyperscalers especially vulnerable.
- Key Factors:
- Amazon topped the chart with $92 billion in bond issuance this year and made the rare statement that it will "not borrow further this year," reflecting a temporary peak in its AI investment plans.
- The 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, indicating exponential growth in debt scale.
- Oracle raised $66 billion through off-balance-sheet SPVs, bringing its total to $91 billion, ranking second and highlighting the widespread use of structured financing strategies.
- CoreWeave's interest-bearing debt reached $25 billion, with quarterly interest payments already consuming about a quarter of its revenue, revealing the financial pressure on highly leveraged GPU cloud firms.
- MSX believes that the capital expenditure guidance and free cash flow in earnings reports from Amazon, Microsoft, and others on July 30 will be a watershed moment for determining whether debt market risks become a hidden threat or a source of confidence.
Tech giants that previously had ample cash and rarely took on debt are now collectively flooding the bond market to finance AI data centers. According to MSX, AI-related debt issuance in the US has already set a new record in 2026, with participants ranging from hyperscale cloud providers to highly leveraged GPU-focused neoclouds.
Data Snapshot
- Amazon leads with $92 billion in debt issuance this year, and has unusually stated it "will not borrow again this year"
- Six major AI issuers have raised $182 billion this year, a tenfold surge from approximately $13 billion in the same period last year
- Oracle ranks second with $91 billion, aided by off-balance-sheet SPVs ($66 billion)
- CoreWeave has $25 billion in interest-bearing debt, with quarterly interest payments consuming nearly a quarter of its revenue
MSX believes the shift from "funding AI with profits" to "expanding via debt" is a key signal for this cycle: demand certainty is high enough, but risk has quietly shifted from shareholders to the bond market. The true dividing line lies in whether returns can outpace interest costs. Established giants have strong credit and can withstand the pressure, but highly leveraged neoclouds are most sensitive to AI demand and interest rates. Capital expenditure guidance and free cash flow from Amazon, Microsoft, and others' earnings reports on July 30 will determine whether this growing debt mountain represents a foundation of strength or a looming risk.
[ US Stock RWA Daily Observation ] is a signature daily report by leading RWA trading platform MSX Maitong. Leveraging strong macro research capabilities, it captures core trends in global traditional US stocks, liquidity shifts, and the RWA tokenization market, providing forward-looking access to quality assets.
About MSX Maitong
MSX is a leading RWA trading platform dedicated to providing secure, efficient, and transparent access to global financial markets. As one of the earliest on-chain US stock trading platforms globally, MSX consistently stays at the industry's forefront, driving market change through continuous innovation. The platform deeply integrates blockchain technology with a compliant framework, offering comprehensive spot and derivative trading for over 300 US tokenized stocks and Pre-IPO assets. It perfectly bridges the gap between Traditional Finance (TradFi) and the digital asset industry. Centered on the core mission of "facilitating the free flow of quality assets," MSX has established a diversified digital financial service system encompassing US stock spot and perpetual contracts, crypto-to-crypto trading, Pre-IPO, and the MSX Research Institute, aiming to provide global investors with round-the-clock, high-performance access to premium assets.
Official Website: https://msx.com/
Risk Disclosure: Macroeconomic and US stock market conditions are highly volatile. This content is for academic and research observation purposes of the MSX Research Institute only and does not constitute any investment advice.
