The wave of AI debt financing in the United States is heating up, which may attract market attention in September BlockBeats reported that on August 20, the US Treasury Department recently eased the pressure on the US bond market by expanding the long-term treasury bond bond repurchase program, but a wave of corporate bond financing driven by AI infrastructure construction is heating up. With the continuous expansion of investment in data centers, high-end chips, and AI services, Microsoft, Google, Amazon Meta、 Oracle and other tech giants are increasing their bond financing efforts. The market expects that the issuance of investment grade corporate bonds in the United States will reach its peak after Labor Day in September, with a potential size of $200 billion. Data shows that since 2026, the issuance of investment grade corporate bonds in the United States has increased by 38% year-on-year, and the annual issuance scale is expected to reach a record high of $2.1 trillion, with a significant increase in supply related to AI capital expenditures. In the past few years, tech giants have mainly relied on cash flow to support their AI layout. However, with the upgrading of industry competition and the rapid expansion of long-term capital needs such as data centers, power, and computing equipment, companies have begun to rely more on bond market financing. The market's focus has shifted from whether AI can create profits to whether massive infrastructure investments can generate sufficient returns. Some investors are worried that AI debt expansion is changing the allocation of funds in the fixed income market, and there may be new capital competition between technology corporate bonds and US treasury bond bonds. Andrzej Skiba, Head of Fixed Income at RBC Global Asset Management, stated that the current supply of AI related bonds is "approaching the limit where it will not disrupt the market. Analysts point out that if future AI revenue growth cannot cover huge investments such as data centers and chip procurement, some capital expenditures may face the risk of insufficient returns. The market also began to compare the current AI financing boom with the Internet foam around 2000, and was vigilant that the speed of capital investment exceeded the speed of business model realization. Although the repurchase plan of the US Treasury Department helps to improve the liquidity of the treasury bond bond market, it cannot change the trend of simultaneous growth of government debt and corporate financing demand. The large-scale issuance of corporate bonds in September may become a new stress test for the US bond market. [Original link]