The bond market is pushing back on AI spending
Summary
Microsoft issued $25 billion last Thursday, its first US bond offering since 2017. Meta is considering another $20 billion across several currencies, Oracle sold $10 billion of bonds and $9.9 billion of equity, and Alphabet went to the euro market for €6 billion. Jake Conley's read is that the hyperscalers are hunting for money wherever it still is. Luke Kawa of Sherwood News explains why September was the quiet month, why every hyperscaler except Microsoft is now at fresh spread wides, and why the constraint is turning from the cost of capital into the supply of it. Featuring Jake Conley…
Description from Yahoo News.
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