Tech giants are starting to issue bonds in yen and euros to fund AI infrastructure, using debt to make up for cash flow shortages. The global bond market is once again tightly bound by Silicon Valley, and they’re playing the leverage quite skillfully.

It is reported that major American technology companies such as Alphabet and Amazon are accelerating the issuance of bonds in overseas bond markets in multiple currencies including Japanese yen, euros, and Swiss francs, to fund AI infrastructure development and diversify away from reliance on the U.S. domestic market. Analysts believe that as AI investments increase, tech companies are shifting from cash flow-based financing to more debt reliance to support data center and computing power expansion, and their exposure to the global investment-grade bond market is also expanding.