Hyperscaler Borrowing Has Gone From Rounding Error to Market Driver
Bond issuance by Alphabet, Amazon, Meta, Microsoft and Oracle, and their share of U.S. investment-grade bond supply
Alphabet
Amazon
Meta
Microsoft
Oracle
Annual Hyperscaler Bond Issuance ($ Billions)
Share of U.S. Investment-Grade Bond Supply
Hyperscaler Capital Expenditures (Actual and Consensus)
Notes: Hyperscalers include Alphabet, Amazon, Meta, Microsoft and Oracle. Forecasts for 2026 onward reflect Bloomberg consensus estimates.
Source: Vanguard calculations based on Bloomberg data as of July 31, 2026.
Source: Vanguard calculations based on Bloomberg data as of July 31, 2026.
Notes: Chart based on annual bond issuance by Alphabet, Amazon, Meta, Microsoft and Oracle and their share of total U.S. investment-grade bond supply. 2026 reflects year-to-date issuance through July 31, 2026.
Source: Vanguard calculations based on Bloomberg data, as reported in “The AI Buildout Comes to the Bond Market,” August 19, 2026. 【1-dbd4c2】
Source: Vanguard calculations based on Bloomberg data, as reported in “The AI Buildout Comes to the Bond Market,” August 19, 2026. 【1-dbd4c2】
Tags: Artificial Intelligence, Bond Market, corporate debt, data centers