Alphabet, Amazon, and these giants are all going overseas to the bond markets to borrow money—The money spent on the AI arms race has grown so large that even their own cash flow can't keep up, forcing them to hunt for low-interest debt globally.

It is reported that major American technology companies such as Alphabet and Amazon are accelerating bond issuance in overseas bond markets using 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.