On a rolling 12-month gross issuance basis, the U.S. Treasury issued approximately $5.06 trillion in interest-bearing notes and long-term Treasury bonds, while U.S. corporate bond issuance reached a record high of approximately $2.64 trillion. This indicates that the U.S. Treasury and AI giants are simultaneously focusing on financing in the bond market: the former to finance fiscal deficits and maturing debt, and the latter to finance chip and data center construction. As technology companies increasingly issue 20-30 year bonds, both sides are vying for long-term funds, including those from insurance companies and pension funds.
