Wall Street is urging tech giants to curb a historic borrowing spree to fund AI infrastructure. In recent weeks, the investment‑grade corporate bond market has struggled to absorb a combined $75 billion of issuance from Nvidia, Space X and Amazon.com. Earlier in the year investors readily funded AI hyperscalers, but now newly issued bonds from Nvidia and Space X have slid in the secondary market, while Amazon faced unusually steep rates to complete its debt sale.

Investors say the concern isn’t the borrowers’ creditworthiness but the expectation that these firms will keep spending heavily on chips and data centers, flooding the market with more bonds. “Everyone knows there’s a lot more coming, and so I think there’s been a hesitancy to jump in with both feet here,” said Travis King, head of investment‑grade corporates at Voya Investment Management. The caution reflects a desire to preserve capacity for future deals.

The softness in hyperscaler bonds matters because investment‑grade corporate bonds are typically stable, so even modest price declines can hurt fund performance relative to peers.