Tech giants are starting to issue bonds in yen and euros to fund AI infrastructure, and this debt game is getting bigger and bigger; the global bond market probably can't handle this move.

Reports indicate that major American tech companies like Alphabet and Amazon are accelerating bond issuance in overseas debt markets using multiple currencies such as Japanese yen, euros, and Swiss francs to fund AI infrastructure development and diversify away from reliance on the U.S. domestic market. Analysts believe that as AI investments increase, tech companies are shifting from primarily cash flow-based financing to more debt reliance to support data center and computing power expansion, and their exposure to the global investment-grade bond market is also growing.