Two economists at the Bank for International Settlements find that artificial intelligence financing increasingly relies on long-term borrowing and off-balance-sheet structures. Alphabet, Amazon, Meta, Microsoft and Oracle plan more than $800 billion in capital expenditure in 2026, equivalent to about 2.5% of US gross domestic product, and have issued $222 billion in bonds as of September 22, alongside another $75 billion to $100 billion tied to off-balance-sheet vehicles. The Hyperion data center, a joint venture between Meta and funds managed by Blue Owl, was financed with $27.3 billion in private bonds and is not consolidated by Meta, making exposures and risk concentrations harder to measure. However, the bulletin finds no general disruption in the bond market: across 18 financing announcement days in 2026, the US 10-year term premium rose by about 1.5 basis point before fading within two sessions. The report does not examine Bitcoin or decentralized finance and establishes no causal link, although continued issuance at the same pace could put lasting pressure on long-term interest rates.
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