--- title: "Meta, Alphabet, and Microsoft have been included in the CDX IG Index due to the surge in AI debt" type: "News" locale: "en" url: "https://longbridge.com/en/news/279983365.md" description: "Meta, Alphabet, and Microsoft have been included in the CDX investment-grade index due to a surge in debt related to AI spending, reflecting their core position in the U.S. credit market. This index is adjusted every six months and aims to help investors hedge against credit risk. Barclays strategists noted that this change makes the index more accurately reflect the corporate bond landscape and shows active trading in credit derivatives among tech companies. Oracle's credit default swap liquidity is the highest, and the cost of debt insurance has risen due to concerns over AI spending" datetime: "2026-03-20T19:05:38.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/279983365.md) - [en](https://longbridge.com/en/news/279983365.md) - [zh-HK](https://longbridge.com/zh-HK/news/279983365.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/279983365.md) | [繁體中文](https://longbridge.com/zh-HK/news/279983365.md) # Meta, Alphabet, and Microsoft have been included in the CDX IG Index due to the surge in AI debt As investors ramp up their defenses against the wave of debt related to artificial intelligence spending, Meta Platforms, Alphabet, and Microsoft are further delving into the credit market. These three mega-cap companies have been included in S&P Dow Jones Indices' latest CDX investment-grade index, which comprises 125 companies that investors use to hedge credit risk or express views on corporate bonds. The index is adjusted every six months, and the inclusion of these three companies reflects that these issuers have become central to the U.S. credit market. Barclays strategist Jigar Patel noted that this change could make the index more accurately reflect the broader corporate bond landscape, while also highlighting how active credit derivatives trading related to tech companies has become. This backdrop is driven by record bond issuances by mega-cap companies to finance AI infrastructure, which has propelled a surge in credit default swap trading activity. According to data from the Depository Trust & Clearing Corporation, contracts related to individual high-rated tech companies were nearly untradeable a year ago but have now become one of the most actively traded derivatives outside the U.S. financial sector. This index adjustment (conducted by S&P Dow Jones Indices following S&P Global's acquisition of IHS Markit) will also exclude issuers that have fallen into junk status and typically boosts trading activity as investors rotate to new active contract series. In this transition, Oracle stands out, as its credit default swaps have the highest liquidity among investment-grade companies, with a weekly trading volume exceeding $830 million, according to DTCC data cited by S&P Dow Jones Indices. 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