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It’s not just SpaceX: Big Tech is dominating bond markets too

US tech giants are tapping markets as they race to build AI data centres

Upcoming stock offerings from SpaceX, Anthropic and OpenAI make tech — and AI in particular — impossible to avoid in US equity markets. But bond traders, too, are increasingly finding themselves bound up with the big plans of Silicon Valley, even in markets far from the main AI action.

Amazon, Meta Platforms, Alphabet and Oracle issued a combined $159bn in bonds this year, according to LSEG data, as they race to build massive AI data centres. About $50bn of that came through so-called “reverse Yankees” — when US companies borrow in foreign currencies.  

Bar chart of Year-to-date bond issuance, by currency ($bn) showing Yankee Google went to town
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