Hyperscaler bonds now a notable share of net new Treasury borrowing
matt_slotnick · x · 2026-10-10
Cited data shows hyperscaler bond issuance now makes up a striking percentage of net new US Treasury borrowing, while their free cash flow implodes and blue-chip IG issuance competes with the risk-free rate. Commentators quip that 'tokens are the new global reserve currency'—AI capex is big enough to distort fixed-income markets.
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