Big Tech's AI debt

AI & tech · Heat 1.2 / 10 · 2 shows · 7m airtime

On September 14, 2026, Goldman Sachs and the Wall Street Journal reported roughly $500 billion in AI-related debt issued this year and nearly $3 trillion in debt at the nine biggest tech companies, most of it off balance sheet. Reporting since then has moved to the borrowing itself: hyperscalers could raise around $300 billion in the investment-grade market this year, and force majeure has been implied in a couple of recent instances. Global credit spreads have since hit a 17-month high, with special purpose vehicles backed by Broadcom and Nvidia concentrating risk in about 10 companies. What remains open is how much sits off the books and what the terms mean for the companies carrying it.

How 2 podcasts covered it

1. Marketplace, 2026-09-14 (27:55 to 28:53)
   Reports Goldman's numbers on AI borrowing
   The final note goes to Goldman Sachs and the Journal for numbers on AI borrowing: nearly $500 billion of AI-related debt issued this year, and nearly $3 trillion in debt at the nine biggest tech companies, most of it AI-related and off balance sheet.
   New angle: Nearly $500 billion of AI-related debt has been issued this year, and the nine biggest tech companies hold nearly $3 trillion, mostly off balance sheet.
2. Bloomberg Tech, 2026-10-09 (13:04 to 15:15)
   Adds the fixed-income desk's $300B estimate
   Brings a fixed-income desk to the AI debt story: hyperscaler investment-grade borrowing could reach around $300 billion this year, about 13% of a $2.25 trillion U.S. IG market, with issuance up 35% year over year and force majeure implied in a couple of recent off-balance-sheet financings.
   New angle: Hyperscalers could borrow around $300 billion in the investment-grade market this year, with force majeure implied in a couple of recent instances.
3. Bloomberg Tech, 2026-10-23 (23:24 to 26:50)
   Explains the credit spreads behind AI borrowing
   Brings in Bloomberg's Sally Bakewell to explain the credit-market side of AI borrowing: spreads at 17-month highs, the bond-stock inverse at a one-year high, and special purpose vehicles backed by Broadcom and Nvidia that concentrate risk in about ten companies.
   New angle: Global credit spreads hit a 17-month high as special purpose vehicles backed by Broadcom and Nvidia concentrate risk in about 10 companies.