Morgan Stanley Emerges as Top AI Bond Underwriter, Fee Revenue Soars to $2.3B in H1 2026

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According to Yahoo Finance, Morgan Stanley has become a leading underwriter in the surging AI-related bond market, generating $2.3 billion in fees during the first half of 2026—a dramatic increase from $1.4 billion in the prior six months. AI bond issuance reached $236 billion from the year's start through May end, roughly four times the volume from the same period last year. The bank has climbed to second place in the sector behind JP Morgan, overtaking Goldman Sachs. Morgan Stanley's strategy involves bundling Big Tech companies' creditworthiness and long-term computing contracts into bond products, as exemplified by deals with companies like Terawulf and Meta's Hyperion data center project, a $27 billion structured finance transaction—the largest single project finance debt issuance in U.S. history, per SEC filings.
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