Is AI Crowding Everyone Else Out of the Bond Market?

Technology companies are securing hundreds of billions of dollars in debt to fund the construction of data centers and the acquisition of advanced chips. This surge in borrowing makes large technology firms a dominant force in corporate credit markets, forcing them to compete directly with government debt for available capital. As institutional investors balance these massive infrastructure investments against rising market concentration, the scale of this financing is reshaping how credit is allocated across the global economy.