BlockBeats News, August 20th, the US Treasury Department recently eased the pressure on the US bond market by expanding its long-term bond repurchase plan, but a corporate debt financing wave driven by AI infrastructure construction is heating up.

With the continuous expansion of investment in data centers, high-end chips, and AI services, tech giants such as Microsoft, Google, Amazon, Meta, Oracle, etc., are increasing their bond financing efforts. The market expects that the issuance of investment-grade corporate bonds in the US will peak after Labor Day in September, with the scale potentially reaching $200 billion.

Data shows that since 2026, the issuance of investment-grade corporate bonds in the US has increased by 38% year-on-year, with the total annual issuance expected to reach a record $21 trillion, a substantial amount of which is related to AI capital expenditures.

In recent years, tech giants have mainly relied on cash flow to support their AI deployment. However, as industry competition intensifies and the long-term capital requirements for data centers, power, computing equipment, etc., rapidly expand, companies are increasingly turning to the bond market for financing.

Market focus has shifted from "Can AI create profits" to "Can massive infrastructure investment generate sufficient returns." Some investors are concerned that AI debt expansion is altering the fixed-income market's fund allocation, and a new funding competition may arise between tech corporate bonds and US treasuries.

Andrzej Skiba, Head of Fixed Income at RBC Global Asset Management, stated that the current supply of AI-related bonds is "approaching the limit that will not disrupt the market."

Analysts point out that if future AI revenue growth cannot cover massive investments such as data center and chip purchases, some capital expenditures may face the risk of inadequate returns. The market is also beginning to compare the current AI financing frenzy with the dot-com bubble around 2000, cautioning that the pace of capital investment may outstrip the speed of business model realization.

Although the US Treasury's repurchase plan has helped improve the liquidity of the bond market, it cannot change the trend of simultaneous growth in government debt and corporate financing demand. The large-scale corporate bond issuance in September may become a new stress test for the US bond market.