Big tech groups have embarked on a borrowing spree around the globe to fund the AI arms race as they seek to diversify their sources of funding beyond Wall Street to support runaway capital expenditure.
Google’s parent Alphabet had no foreign debt until last year, but in recent months it has sold the equivalent of more than $40bn in overseas bonds in euros, Swiss francs, British pounds and Canadian dollars.
On Friday, it is expected to wrap up its first-ever yen-denominated bond deal, with US bankers working overnight to pitch investors in Tokyo throughout the week, according to people familiar with the matter.
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