Google parent company Alphabet launched its second euro bond sale this year, testing a market that is growing increasingly wary of the AI trade. The move comes amid early signs that investors are approaching the limits of how much debt they can absorb: Morgan Stanley said AI-related borrowing ballooned to almost $500 billion through September, up from $100 billion during the same period last year.
The surge comes despite rising interest rates, including for the world’s largest firms — SpaceX is paying as much as 8.75% on parts of its latest loan, Semafor reported. “This may be the most transformative tech boom yet, but it’s not big enough to defy the high price of money,” an expert wrote.
— Jeronimo Gonzalez
