Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTRishabh MishraSat, July 18, 2026 at 12:01 PM GMT+2 5 min readBenzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.A massive borrowing binge by technology giants expanding their artificial intelligence capabilities is fundamentally transforming fixed-income dynamics. Companies like Meta Platforms Inc., Nvidia Corp., and Amazon.com Inc. are leading a historic capital expenditure push, issuing hundreds of billions in corporate bonds while prompting a sharp recalibration of risk among debt investors.The Massive AI Infrastructure SpreeTo aggressively fund the buildout of advanced AI infrastructure, tech heavyweights have entered the debt markets at an unprecedented velocity.Major players, including AMZN, Alphabet Inc., NVDA, META, Oracle Corp., and Space Exploration Technologies Corp., have issued a record $182 billion in investment-grade bonds so far in 2026.Don't Miss:A single bad hire can set a startup back years. Here are the 5 hires founders most often misjudge — and whyStill Learning the Market? These 50 Must-Know Terms Can Help You Catch Up FastThis staggering issuance represents an explosive surge, "up +1,300% YoY." Furthermore, this intense corporate borrowing spree is "accounting for ~15% of total US corporate bond issuance year-to-date," highlighting the tech sector's massive footprint in the current credit landscape.Investors are demanding more protection against Big Tech credit risk:5-year credit default swap (CDS) spreads on Oracle, $ORCL, Amazon, $AMZN, Google, $GOOGL, and Microsoft, $MSFT, are up to ~75 basis points, near the highest in at least 7 years.CDS spreads on the same group… pic.twitter.com/WJ0YiH8iiI— The Kobeissi Letter (@KobeissiLetter) July 16, 2026Surging Credit Default SwapsThis sudden rise of new leverage has triggered caution among fixed-income investors. As market participants scramble to protect their portfolios, the cost to insure Big Tech debt against default has spiked drastically.Trending: Avoid the #1 Investing Mistake: How Your 'Safe' Holdings Could Be Costing You Big TimeThe 5-year credit default swap (CDS) spreads on Oracle, Amazon, Google, and Microsoft are "up to ~75 basis points, near the highest in at least 7 years."Even when stripping out Oracle's unique debt profile, "CDS spreads on the same group excluding $ORCL are up to ~49 basis points, the highest since at least 2018."Structural Market ShiftRemarkably, "both metrics have more than doubled since the start of 2025 and are now significantly above their 2022 bear market peaks."Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info