If you thought the AI ​​bubble was worrying, it’s because we hadn’t entered its next phase: debt

Big technology companies have issued $75 billion in bonds and loans between September and October 2025:

1. Meta leads with 30,000 million.
2. Followed by Oracle (18,000 million in bonds plus a loan of 38,000 million).
3. And Broadcom (27 billion).

The figure is equivalent to what these three companies used to borrow in an entire year.

Why is it important. The shift from liquidity to debt marks a turning point in the AI ​​race. For years, these companies financed their infrastructure with cash flows, but now they are resorting to debt: Debt not linked to bonds has gone from 15% to 30% of its capital.

The money trail. Oracle has closed the largest syndicated loan (a joint loan by several banks to a single client) in its history: 38 billion for data centers.

Meta, for its part, is allocating its 30,000 million to campuses in Virginia and Oregon. And Broadcom uses them to strengthen its semiconductor division and its network equipment.

The threat. Paying the interest on all this debt now consumes 15% of these companies’ operating profits, compared to 10% a year ago. And the cost of borrowing has risen: corporate bonds are near their most expensive levels since 2022.

If the energy bill rises by 20% – a more than likely scenario given the stress on electrical networks – or if AI does not generate the expected revenue, these companies could see their credit rating reduced and trigger a chain crisis.

Yes, but. Large investors continue to buy these bonds, attracted by returns of 6%. Money flows because official interest rates are at 3.75%so lending to these technology companies seems like a good deal. The problem is that any sudden change in rates can make these bonds lose value. And fast.

At stake. Debt finances the AI ​​revolution, but also makes it more fragile and technology companies continue to increase their investment. If inflation returns or profits fail, the same debt that accelerates innovation could become a liability.

Investors, meanwhile, continue to win; but they assume the risk of the storm.

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Featured image | Towfiqu barbhuiya