Wall Street rethinks AI bond sales as investor appetite cools

MacroCommodity Impact 4
โดย Bloomberg·US·Read original
Summary · why it matters

Wall Street banks are overhauling how they sell bonds for AI-linked companies after a flood of debt from tech giants has overwhelmed investor demand and caused new issues to trade poorly. Underwriters are now favoring buy-and-hold investors like pension and insurance funds over fast-money accounts, a strategy that helped BlackRock’s $12.5 billion bond sale for a Meta data center outperform after pricing, though it required a 7.5% yield. The shift comes as Amazon, Alphabet, Nvidia, Meta, Oracle, and SpaceX have together raised more than $200 billion in dollar bonds this year, compared with just $13 billion from high-grade tech firms in the same period last year, and banks are bracing for an additional $50 billion to $60 billion in hyperscaler debt after Labor Day. Recent jumbo deals from Nvidia, SpaceX, and Amazon each saw their bonds weaken quickly in secondary trading, prompting tactics such as spacing out sales, signaling slower issuance, and holding non-deal roadshows to gauge pricing. The pressure is also spilling into riskier credit, with CoreWeave leaning more on leveraged loans and Goldman Sachs discussing a potential $5.4 billion debt offering for a Microsoft-linked data center.

Impact on stocks 13

Artificial Intelligence▼ · 8 stocks
Amazon.com Inc
AMZN
▼ NegativeDemandrelevance

Amazon is a major issuer of AI-related bonds; the article notes investor appetite cooling and recent jumbo deals trading poorly, which could increase borrowing costs.

Alphabet Inc Class C
GOOG
▼ NegativeDemandrelevance

Alphabet is a major issuer of AI-related bonds; the article notes investor appetite cooling and recent jumbo deals trading poorly, which could increase borrowing costs.

CoreWeave, Inc. Class A Common Stock
CRWV
▼ NegativeCapitalrelevance

CoreWeave is leaning more on leveraged loans due to cooling investor appetite for AI debt, indicating higher financing costs or difficulty in bond markets.

NVIDIA Corporation
NVDA
▼ NegativeCapitalrelevance

Nvidia's recent jumbo bond sale weakened in secondary trading, indicating poor demand.

Meta Platforms Inc.
META
± MixedCapitalrelevance

Meta's data center bond sale via BlackRock outperformed, but overall market conditions are cooling.

Digital Finance & Tokenization▲ · 2 stocks
BlackRock Inc
BLK
▲ PositiveCapitalrelevance

BlackRock's $12.5 billion bond sale for a Meta data center outperformed after pricing, highlighting its underwriting success in a challenging market.

Financials▲ · 1 stocks
Goldman Sachs Group Inc
GS
± MixedCapitalrelevance

Goldman Sachs is discussing a potential $5.4 billion debt offering for a Microsoft-linked data center, but the outcome and impact are uncertain.

Cloud & Digital Infrastructure▲ · 1 stocks
Space Economy▲ · 1 stocks

Theme Impact 4

Related news

IREN Fair Value Trimmed to US$79.03 as AI Cloud Wins Meet Build Out Risks

IREN's fair value estimate has been trimmed from US$80.93 to US$79.03, a modest adjustment reflecting a mix of growing AI cloud contracts and ongoing questions around execution and supply build out through 2027. The revision lifts revenue growth assumptions to 168.01% from 125.79% and net profit margin expectations to 11.73% from 5.79%, while the future P/E assumption drops to 31.26x from 90.29x and the discount rate rises to 9.41% from 8.83%. On the bullish side, JPMorgan shifted IREN from Underweight to Overweight with a US$65 price target, citing a partnership with Nvidia, new customer signings and higher industry pricing, while H.C. Wainwright raised its target to US$90 after IREN announced US$2.8b of new multi year AI cloud contracts and lifted its 2026 AI cloud annual recurring revenue target to more than US$4b. Northland initiated IREN at Outperform with a US$99 price target, and Freedom Capital upgraded the stock from Hold to Buy. Freedom Capital nonetheless flagged execution on supply additions over the next two years as a central risk, noting the story depends heavily on adding capacity on schedule.
IREN ▲JPM ▲
Artificial Intelligence ▲Cloud & Digital Infrastructure
Simply Wall St·11hRead more →
▲impact 4

Nvidia-Backed Nscale Files for US IPO After $1.02 Billion Loss

Nscale, the London-based AI data center developer backed by Nvidia and Microsoft, filed publicly for an initial public offering in New York, seeking to raise as much as $3 billion. The company reported a net loss of $1.02 billion on revenue of $140.6 million for the six months ended June 30, compared with a net loss of $368.9 million on revenue of $10.4 million a year earlier, according to its Friday filing with the US Securities and Exchange Commission. Spun off from a cryptocurrency mining operation in early 2024, Nscale was valued at about $14.6 billion in a March Series C round led by Aker ASA and 8090 Industries, with Nvidia and Nokia Oyj also participating. The company has agreed to add more than 30,000 Nvidia chips to an existing rental agreement with Microsoft at its Narvik, Norway gigafactory, and Anthropic has agreed to spend $45 billion to rent AI cloud computing power from its flagship West Virginia data center development. The offering is being led by Goldman Sachs, JPMorgan Chase and Morgan Stanley, with shares expected to trade on the New York Stock Exchange under the symbol NSCL.
NVDA ▲MSFT ▲GS ▲JPM ▲MS ▲0MJX.LSE
Artificial Intelligence ▲Cloud & Digital Infrastructure
Bloomberg·12hRead more →
▼2impact 4

Goldman Sachs Warns S&P 500 Earnings Growth Set to Cool

Goldman Sachs Group expects the rapid rise in S&P 500 earnings to cool rather than reverse, saying several temporary forces are currently lifting profits. S&P 500 earnings per share rose 51% year over year in the second quarter, with growth over the past four quarters reaching 26%, a pace the firm said has pushed profits above their longer-term trend, though the index's forward price-to-earnings ratio has eased to 19 from 23 a year ago and now matches its 10-year average. Artificial intelligence spending is a major contributor, with Amazon, Meta Platforms, Microsoft and Alphabet expected to spend about $800 billion on capital projects this year, nearly double 2025 levels, and Goldman expects that earnings boost to fade as spending growth slows and depreciation rises. Semiconductor margins and gains from technology companies' investment holdings are also supporting earnings, and Goldman said weaker chip margins could cut S&P 500 earnings by about 10%, while investment gains that helped second-quarter profits are expected to contribute less in 2027.
GS AMZN GOOG META MSFT
Artificial Intelligence ▼Semiconductors ▼
GuruFocus·13hRead more →
© 2026 MarketDXNews