Big tech’s global borrowing push gathered pace as Alphabet unveiled plans for its first yen-denominated bond sale, while Amazon prepared to tap the Swiss franc market for the first time, reflecting the mounting financial demands of the artificial intelligence race.
According to a Reuters report, the overseas bond issuances highlight how soaring investments in AI infrastructure are pushing major U.S. technology companies to expand beyond domestic debt markets in search of fresh capital and diversified investor bases.
Industry estimates suggest that Big Tech firms are on track to spend more than $700 billion on AI infrastructure in 2026, sharply higher than the roughly $410 billion spent in 2025. The surge in spending has accelerated borrowing activity as companies increasingly deploy their own cash reserves toward AI-related investments, data centres and cloud expansion.
Neither Alphabet nor Amazon disclosed the size of the planned offerings.
As per the report, Alphabet’s yen-denominated issuance could total several hundred billion yen, with pricing terms likely to be finalised later this month. The source was not authorised to speak publicly and declined to be identified.
Alphabet has appointed Mizuho Financial Group, Bank of America and Morgan Stanley to manage the transaction.
The latest fundraising comes shortly after Alphabet raised nearly $17 billion through dual bond offerings last week, including a €9 billion issue and a C$8.5 billion sale, according to Reuters.
Market participants said highly rated technology firms are increasingly able to raise debt across multiple geographies because of strong investor appetite and their solid balance sheets.
Meanwhile, Amazon is also broadening its global funding strategy as it seeks to support rising capital expenditure linked to cloud computing and AI expansion.
An Amazon spokesperson quoted in the Reuters report said that the proceeds from the Swiss franc issuance would be used for general corporate purposes, including potential business investments and future capital expenditure requirements.
Amazon has mandated banks including BNP Paribas, Deutsche Bank and JPMorgan Chase for a six-part debt offering with maturities ranging from three years to 25 years, according to a source familiar with the matter.
The back-to-back overseas debt issuances underscore how the AI boom is reshaping corporate financing strategies, with global technology giants increasingly turning to international bond markets to secure long-term funding for one of the most capital-intensive investment cycles in the sector’s history.
