Global AI-related debt issuance fell to $23bn in September, nearly half of August's total, according to Morgan Stanley data covering public bonds and private placements. The decline follows a record $113bn raised in June for AI infrastructure like data centres and chips. US investment-grade AI bond issuance halted entirely last month after $306bn was raised between January and August.
Investors are growing wary of heavy AI capital expenditure and uncertain returns. Political opposition to energy-intensive data centres is mounting, exemplified by Oracle's $18bn "Project Jupiter" in New Mexico, where loans trade at ~85 cents on the dollar after a force majeure notice over electricity access. John Aylward of Sona Asset Management noted financing is "getting a little bit trickier" as investors scrutinize existing AI exposure.
Despite the slowdown, $466bn of AI-linked debt has been raised in 2026 so far, up from $101bn in 2025. Upcoming blockbuster deals include a $60bn package for Broadcom and Anthropic and $40bn for SpaceX to buy Nvidia chips. Credit specialists see the pause as a healthy chance to reassess risk structures.
Source: Financial Times Markets · Summarized by HeadlinesBriefing