Major artificial intelligence (AI) hyperscaler capex is projected to rise sharply through 2028, reinforcing technology companies’ growing role in global bond supply as investors weigh strong credit quality against uncertain investment returns.
In the latest Credit Compass, Gordon Kerr discusses how the AI investment cycle is changing the landscape of European credit supply, and why Alphabet’s new euro deal matters. Listen to Gordon Kerr’s insights on: Apple | Spotify | YouTube or visit kbra.com/macrocredit.
AI-related spending by the largest hyperscalers is moving into a new range. After rising to USD414 billion in 2025 from USD241…
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