The sums are so large that issuers will have to tap just about all major debt markets, and it could take years for these tech investments to pay off—if they pay off at all. The rush has left some lenders overexposed.

“AI is the hyperscalers’ ‘Manhattan Project. CEOs see the risk of not winning as just as much—if not more—of a risk as overspending.”

The company’s credit strategists project that overall issuance will reach $1.81 trillion in 2026, with maturing debt little changed but net issuance at its highest since 2020.

The company issued $17.5 billion of bonds in the United States, after issuing €6.5 billion in Europe.

At $30 billion, it’s the largest high-grade U.S. note sale since 2023, and it drew a record number of orders at $125 billion.

With about $95 billion of debt outstanding, Oracle is the biggest corporate issuer outside the financial sector in the Bloomberg high-grade index, and it’s planning another $38 billion debt offering.

Overall, 11 companies sold a total of $24.3 billion of U.S. high-grade bonds yesterday, ahead of this week’s Fed meeting.

Tightening credit spreads may say more about the riskiness of U.S. Treasuries than about corporate creditworthiness.