Alphabet Inc. sold ¥576.5 billion ($3.6 billion) of bonds in the largest-ever yen deal by a non-Japanese company, as competition to fund data centers and AI infrastructure intensifies. The offering included ¥200.5 billion of five-year bonds priced at 50 basis points over mid-swaps. The sale is part of nearly $60 billion in recent borrowing by Alphabet and reflects rising demand for yen bonds from global firms amid AI-driven capital spending, with non-Japanese yen issuance up more than 280% this

JPMorgan Asset Management portfolio manager Stephanie Doyle said excessive AI-related capital spending and weaker retail demand could threaten the rally in high-grade corporate bonds. Doyle said tech firms have already raised more than $300 billion in debt for AI investments, though issuance has remained orderly. She said a similar acceleration in 2027 AI capex versus 2025-2026 “is probably a little bit of a red flag.” Doyle also warned rising Treasury yields could deter retail investors, a key source of demand supporting investment-grade credit spreads.

Cerebras Systems(CBRS.O)首席執行官：首次公開募股的認購超過25倍。