Investors have been selling off the debt of US tech heavyweights, showing how jitters over Silicon Valley’s boom in spending on artificial intelligence have spilled into the bond market.
A basket of bonds issued by so-called hyperscalers — companies that are building vast data centres, including Alphabet, Meta, Microsoft and Oracle — has sustained a hit in recent weeks.
The spread, or premium in yield investors demand to buy the debt over Treasuries, has climbed to 0.78 percentage points, the highest level since Donald Trump sent markets reeling in April with his tariff plans, and up from 0.5 points in September, according to Bank of America data.
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