Technology companies are expected to account for approximately 20% of all US bond issuance in 2026, surpassing the 14% peak reached during the dot-com bubble. JPMorgan forecasts that tech bond sales will exceed $500 billion this year, within a broader investment-grade bond market projected to reach a record $1.81 trillion. Three factors are driving this trend: massive AI infrastructure investments, the need to refinance over $1 trillion in existing corporate debt, and a rebound in merger and acquisition activity. A single sector representing one-fifth of the US bond market creates concentration risk that fixed-income investors cannot ignore, with potential pressure on credit spreads.
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