Technology companies worldwide issued record amounts of debt in 2025 as they raced to finance artificial intelligence infrastructure, cloud expansion, and data center construction. Bond markets absorbed the surge as investors bet on long-term AI-driven growth.
The heavy borrowing reflects how capital-intensive the AI transition has become, with firms prioritizing scale and speed over near-term balance sheet caution. While revenue growth has supported investor confidence so far, analysts warn that leverage is rising faster than earnings in some segments.
The trend has raised questions about financial resilience if AI returns take longer to materialize. For markets, the surge in tech debt highlights how deeply financial systems are now underwriting the global AI race.
