Big Tech credit risk is being repriced

Investors are demanding more protection against Big Tech credit risk.
Five-year CDS spreads on $ORCL, $AMZN, $GOOGL, and $MSFT are now near 75 basis points, close to the highest level in at least seven years.
Excluding $ORCL, spreads on the group are around 49 basis points, the highest since at least 2018.
Both measures have more than doubled since the start of 2025 and are now above their 2022 bear-market peaks.
The reason is simple: AI infrastructure is being funded with a historic wave of debt.
$AMZN, $GOOGL, $NVDA, $META, $ORCL, and $SPCX have issued a record $182B in investment-grade bonds so far in 2026, up about 1,300% YoY.
That is roughly 15% of total U.S. corporate bond issuance this year.
The AI trade is no longer only reshaping equity markets.
It is now reshaping credit markets too.