--- title: "This year, the five major cloud giants in the United States have issued $45 billion in bonds" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/276125761.md" description: "This year, the five major cloud service providers in the United States have issued $45 billion in bonds, primarily for investments in the field of artificial intelligence. Despite market concerns about these companies' investments, bond investors have remained calm and actively purchased high-rated bonds. It is expected that these companies' related expenditures will exceed $600 billion, facing a financing gap of $1.5 trillion. Companies like Alphabet have demonstrated in the bond market that their creditworthiness is trusted by investors" datetime: "2026-02-17T12:51:04.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276125761.md) - [en](https://longbridge.com/en/news/276125761.md) - [zh-HK](https://longbridge.com/zh-HK/news/276125761.md) --- > 支持的语言: [English](https://longbridge.com/en/news/276125761.md) | [繁體中文](https://longbridge.com/zh-HK/news/276125761.md) # This year, the five major cloud giants in the United States have issued $45 billion in bonds Tech giants are igniting a bond issuance frenzy to raise funds for investments in the artificial intelligence sector, and investors seem willing to cooperate. Despite market concerns about these companies' frenzied investments in artificial intelligence, bond investors, regarded as "smart money," are currently behaving more calmly. Tech companies require massive funds to procure artificial intelligence infrastructure, primarily high-energy-consuming data centers, to provide sufficient computing power. This year, spending by leading cloud service providers is expected to exceed $600 billion. Morgan Stanley analysts estimated last summer that these companies face a financing gap of $1.5 trillion to meet capital expenditure needs. Even cash-rich, stable, and highly profitable tech companies are turning to the credit market for financing their expenditures. According to PitchBook data, less than two months into the new year, the five major cloud service providers—Alphabet, Amazon, Meta, Microsoft, and Oracle—have issued $45 billion in bonds in the U.S., nearly half of the total issuance expected for the entire year of 2025. This scale exceeds any full year's bond issuance by them since 2011. Overseas investors are also showing strong demand for tech company bonds. According to reports last week, Alphabet raised $32 billion through bonds denominated in pounds and Swiss francs. Overall Landscape Bond investors are eagerly buying these companies' high-rated bonds, indicating their confidence in their creditworthiness, especially for Alphabet. Last week, bonds issued by Alphabet in the U.S. had a very small spread over U.S. Treasuries, less than 1 percentage point. Data shows that even the century bonds issued by Alphabet were in high demand, with issuance rates only 1.2 percentage points higher than the UK's 10-year government bonds. Essentially, the bond market is viewing these tech companies as equally safe entities as sovereign nations. It remains completely unclear which companies (if any) will emerge victorious in this round of the artificial intelligence race. Even if they do succeed, will their new artificial intelligence businesses generate the same rich and continuous cash profit margins as before? Ashok Bhatia, Chief Investment Officer and Global Head of Fixed Income at Loomis Sayles, questions, "Will these leading cloud service providers really become the ultimate economic winners?" Bhatia pointed out that companies that borrowed money to extract oil during the shale gas boom ultimately were not the economic winners. "The beneficiaries were everyone else." The stock market, however, presents a different picture. While the credit market remains calm and continues to "pour money" into these companies, the stock market has seen a slight pullback. 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