JP Morgan now expects tech-related corporate bond issuance to exceed $500bn this
year and has raised its 2026 TMT debt forecast to $540bn from $450bn, citing
AI-led capex by large tech firms. The bank says chip-backed financing will be
the next major frontier for AI infrastructure and could grow to several trillion
dollars by the end of the decade. JP Morgan has identified seven additional
investment-grade data-center financing opportunities beyond six already
completed deals; four are expected to involve ORACLE and OpenAI. The bank
expects Meta Platforms to return to the bond market after its Q3 results, while
Microsoft is the biggest wildcard and could tap bond investors for the first
time since 2017.