Hyperscaler debt binge pushes yields up as investor demand cools

July 29 : Major U.S. technology companies are borrowing heavily as they ramp up spending on their artificial intelligence buildout, and at steadily higher yields as investors become more selective about absorbing the growing supply.Amazon, Alphabet, Meta Platforms and Oracle issued about $194 billion of bonds in 2026 through July 7, up 79 per cent from roughly $108 billion in all of 2025, according to a Reuters analysis of LSEG data. Goldman Sachs expects bond issuance by the five hyperscalers, including Microsoft Corp, to reach roughly $250 billion this year and $400 billion in 2027.The added supply has led to widening borrowing spreads over risk-free rates for these investment-grade firms across major maturity buckets. For Amazon, Alphabet, Meta and Oracle, the median spread on 2- to 4-y