AI Debt Reshapes US Credit Markets

goldmansachs.com

AI-driven debt issuance is transforming credit markets, with tech companies borrowing at unprecedented scale and straining investor appetite for the risk. Hyperscalers issued $108 billion in 2025 and $194 billion in 2026 year-to-date; tracked AI-related debt totals nearly $500 billion. AI now represents 18% of US investment-grade supply and 40% of long-duration issuance, triggering wider spreads. Private credit, regional bond markets, and project finance are expected to fill the financing gap, while high-yield and leveraged loans also see rising AI-related issuance.


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AI Debt Reshapes US Credit Markets | News Minimalist