U.S. Hyperscalers Have Raised $48 Billion of Bonds in European Currencies This Year, More Than Triple the 2025...

U.S. hyperscalers have raised $48 billion of bonds in European currencies this year. That is already more than triple the entire amount they raised in 2025.
They are now 22% of all Swiss franc investment-grade issuance, 10% of sterling, 8% of U.S. and 3% of euro. The scale of AI capex has outgrown the U.S. bond market, so Microsoft ($MSFT), Google ($GOOGL), Meta ($META), and Amazon ($AMZN) are tapping every credit market on earth.
The AI boom is increasingly debt-funded, and it is forecast to grow another 25% in 2027. The pressure point for the whole trade is how much leverage these balance sheets end up carrying.