Big Tech AI Debt Sales Reshape Global Bond Markets; Alphabet, Amazon Set Records

Big Tech companies are reshaping global corporate bond markets with record debt sales to fund artificial intelligence infrastructure, Reuters reported on June 1, 2026. Alphabet (GOOGL) and Amazon (AMZN) have led a surge in issuance outside the U.S., turning smaller markets like the euro, sterling, yen and Swiss franc into major funding venues. Amazon raised 14.5 billion euros ($16.88 billion) in March 2026, the largest euro corporate bond deal ever, according to LSEG. Alphabet is now the fourth-largest borrower in the sterling corporate bond index and sixth-largest in Swiss francs after just one round of issuance. Non-financial U.S. companies have borrowed over 60 billion euros in Europe this year, a record. Bankers say hyperscalers are diversifying funding to finance trillions in AI infrastructure, while benefiting from lower borrowing costs in some markets and hedging currency risks. Their non-dollar bond share has doubled to 30% of total funding this year, Bank of America data shows. Investors are seeking AI exposure in international debt, but analysts warn any AI-related turbulence could increase market volatility.