AI debt: Can't stop, won't stop

National

A line chart that tracks five-year credit-default spreads for Alphabet, Oracle and Microsoft from Oct. 30, 2024, to Oct. 30, 2026. Alphabet rises from 32.461 to 91.55 basis points, Oracle from 37.743 to 294.396, and Microsoft from 18.231 to 58.948. All three trend upward, with Oracle climbing fastest.

Cost to insure Big Tech debt against default climbs

Data: S&P Capital IQ; Chart: Emily Peck/Axios

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A line chart that tracks the face value of U.S. leveraged loans trading below 80 cents on the dollar each month from January 2008 to October 2026. It peaks at $469.26 billion in November 2008 and bottoms at $4.19 billion in July 2014. It rises again to $130.85 billion by October 2026.

Distress signal

Charted: Hyperscaler cash grab

A line chart that shows annual hyperscaler fundraising, including equity and debt, from 2006 to 2026. Transaction value ranged from $2 billion in 2007 to $326 billion in 2026.

Hyperscaler fundraising

Data: S&P Global Market Intelligence; Note: Hyperscalers include Alphabet, Amazon, Meta, Microsoft and Oracle; Chart: Emily Peck/Axios

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