AI hyperscalers and Nvidia have accounted for approximately 30% of net investment grade bond issuance since 2025, nearly five times their average share over the prior nine years.
authors
Christopher Bole
Christopher Bole
Vice President, Financial Writer
Net bond issuance by year: AI hyperscalers/Nvidia vs. other investment grade
Column chart showing net bond issuance by year broken out by AI Hyperscalers + Nvidia and other investment grade issuers.
Source: Bloomberg and Macrobond as of August 2026. Includes debt issued by: Nvidia, Google, Meta (including Meta special purpose vehicle), Microsoft, Amazon and Oracle.
  • Investors have largely viewed AI’s market impact through a public equity lens. That perspective is increasingly incomplete as funding for the AI buildout shifts from corporate cash flows to capital markets.
  • The five major AI hyperscalers and Nvidia have accounted for nearly one-third of net investment grade bond issuance since 2025, up from an average of roughly 7% over the previous nine years.1
  • Investment grade credit may provide the clearest illustration of this trend, but the AI theme is quickly permeating a wide array of public and private asset classes.
  • As the AI theme spreads across bonds, private credit, private equity and real assets, investors should consider a new approach to diversification. Increasingly, effective diversification will be a function of underlying economic exposure, not asset class label.
contributing authors
Christopher Bole
Christopher Bole
Vice President, Financial Writer
footnotes + disclosures
  1. Bloomberg and Macrobond as of August 2026. AI Hyperscalers includes bonds issued by: Nvidia, Google, Meta (including Meta special purpose vehicle), Microsoft, Amazon and Oracle.

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