AI companies are borrowing more

Gross US bonds issued by big tech companies

Alphabet

Amazon

Meta

Microsoft

Oracle

$150bn

100

50

0

2020

2021

2022

2023

2024

2025

2026

Alphabet

Amazon

Meta

Microsoft

Oracle

$150bn

100

50

0

2020

2021

2022

2023

2024

2025

2026

Alphabet

Amazon

Meta

Microsoft

Oracle

$150bn

100

50

0

2020

2021

2022

2023

2024

2025

2026

Alphabet

Amazon

Meta

Microsoft

Oracle

$150bn

100

50

0

2020

2021

2022

2023

2024

2025

2026

Alphabet

Amazon

Meta

Microsoft

Oracle

$150bn

100

50

0

2020

2021

2022

2023

2024

2025

2026

Alphabet

Amazon

Meta

Microsoft

Oracle

$150bn

100

50

0

2020

2021

2022

2023

2024

2025

2026

Alphabet

Amazon

Meta

Microsoft

Oracle

$150bn

100

50

0

2020

2021

2022

2023

2024

2025

2026

Alphabet

Amazon

Meta

Microsoft

Oracle

$150bn

100

50

0

2020

2021

2022

2023

2024

2025

2026

Guardian graphic. Source: Vanguard calculations, based on data from Bloomberg, as of July 31, 2026. Note: data for 2026 reflect issuance through July 31