The six major hyperscalers, including Amazon, Alphabet, Meta, Microsoft, Oracle, and Nvidia, have collectively issued approximately $320 billion in new long-term debt through late August 2026, representing 68-70% of total new US Treasury bond issuance over the same period. Before 2025, these companies issued under $50 billion in debt annually, but emissions rose to $180-205 billion in 2025 and nearly doubled again in 2026. This flood of bond issuance creates a crowding-out effect on Treasuries and pushes yields higher, with hyperscaler bond credit spreads widening by 10-22 basis points. JPMorgan estimates the group could comfortably absorb an additional $1.5 trillion in debt without raising their leverage ratios above the broader market average.
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