Big Tech companies are on track to dominate borrowing in the US bond market, in a shift that could expose some of the world’s safest securities to greater risk from artificial intelligence.
By 2030, half of the 10 largest borrowers in the US investment-grade corporate bond market will be so-called hyperscalers — companies such as Alphabet, Amazon, Meta, Microsoft and Oracle that are building colossal data centres — according to Apollo Global Management.
Until now, the major borrowers in the league table have mostly been big banks and telecom companies, meaning that credit investors are largely insulated from shocks in the tech-dominated stock market.
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