AI companies announced more than $200 billion in new borrowing and equity financing during the second half of the year as the PHLX Semiconductor Sector lost a quarter of its value. Since June 30, the sector’s largest companies have announced $129 billion in financing, including $20 billion by Oracle, a $95 billion plan from Meta and a $25 billion Microsoft bond issuance. In 2026, hyperscalers have already borrowed at least $214 billion, 157% more than the $83 billion they raised throughout 2025, primarily to fund massive investments in computing power and infrastructure. The surge in borrowing has coincided with steep share-price declines for CoreWeave (-63%), Nebius (-53%), Oracle (-55%), Alphabet (-31%), Meta (-22%) and Nvidia (-17%). According to UBS, the aggregate off-balance-sheet commitments of hyperscalers now stand near $3.5 trillion.
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