Microsoft, Oracle, Alphabet and Meta have raised nearly $67 billion through bond sales since last Thursday, attracting around $290 billion in investor orders, according to Bloomberg calculations. The strong demand came as concerns grew over whether the companies’ large investments in artificial intelligence will pay off, amid volatility in US stocks and declines in many technology shares after mixed quarterly results.

The companies had to offer substantial yields to attract buyers. Microsoft led with $25 billion in Bonds across ten tranches, with maturities ranging from two to 30 years. Its 30-year bond offered a yield of nearly 6.36%, about one percentage point above comparable US Treasuries. Despite its AAA rating, Microsoft also offered a notable premium over its existing bonds.

Oracle raised $10 billion in five tranches. Its 20-year bond carried a yield of 8.67%, or 3.35 percentage points above US Treasuries. S&P rates Oracle BBB, while Fitch assigns it BBB-, one notch above the agency’s junk-bond category.

Alphabet issued €6 billion in seven euro-denominated tranches, with maturities of two to 19 years. Its 19-year bond offered a yield of nearly 5.3%, a premium of 1.7 percentage points over a comparable German government bond. Moody’s rates Alphabet Aa2. The company had last issued euro bonds in May, when it offered lower yields.

Meta sold $15 billion in dollar bonds across five tranches, with maturities of seven to 20 years. The 20-year bond yielded 7.36%, 2.2 percentage points above US Treasuries. Moody’s rates Meta Aa3, one grade below Alphabet. Meta also entered the euro bond market for the first time on Wednesday, raising €9 billion from institutional investors across six tranches with maturities of four to 30 years. The longest-dated bond was marketed at a yield of about 6.5%.

Grant Nachmann, chief investment strategist at Shorecliff Asset Management, said hyperscalers still have access to bond markets, but at a cost. Since the start of 2025, Microsoft, Oracle, Alphabet, Meta, Amazon, Nvidia and SpaceX have issued about $450 billion in bonds across currencies. Analysts cited in the report expect that total to grow as demand for financing AI infrastructure expands.

Sources: Handelsblatt.