Amazon returns to the bond market

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Amazon is heading back to the bond market as spending on the AI buildout piles up. The company plans to borrow $25 billion or more, adding to a flood of AI-related borrowing.
Big Tech companies have hit the limits of their cash flows — no small feat, as these are some of the biggest cash generation machines capitalism has ever produced — and are turning to the markets to cover their AI bills. Alphabet sold $85 billion of new stock last month, its first equity offering since it was a newly public company in 2005. Meta has structured its big data center investments to keep them off its balance sheet.
All this borrowing is getting a bit more expensive. Price talk for the longest-dated of Amazon’s coming bonds is higher than the company’s last debt raise in March, even as credit spreads for blue-chip borrowers have tightened since then.

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