Debt issuance is accelerating as the AI build-out accelerates and expands – and for Andreas Michalitsianos, manager of JPM Global Corporate Bond, that creates more opportunity for bond investors than most realise. In 2025, the largest hyperscalers – including Amazon, Alphabet, Meta and Oracle – issued around $120bn in US corporate bonds versus an average of $28bn per year between 2020 and 2024, with Morgan Stanley forecasting that total AI-related global debt issuance will reach $570bn in 2026.