Alphabet Inc., the parent company of Google, announced plans to issue its first bond denominated in Japanese yen, while Amazon is moving forward with an inaugural debt sale in Swiss francs, signaling a broader shift among U.S. technology giants to raise capital outside domestic markets to fund skyrocketing artificial intelligence investments.
The moves come as major tech firms collectively ramp up spending on AI infrastructure, with analysts projecting at least $700 billion in investments this year, up from an estimated $410 billion in the prior year. As expenditure grows, companies that previously relied on internal cash reserves are increasingly turning to debt markets.
Neither Alphabet nor Amazon disclosed the size of their planned bond offerings. However, a person familiar with Alphabet’s plans said the yen-denominated issue could amount to hundreds of billions of yen, with details expected to be finalized later this month. Alphabet has selected Bank of America, Morgan Stanley, and Mizuho to manage the transaction, according to sources.
This marks Alphabet’s entry into the yen bond market, following recent large-scale debt issuances. Last week, the company secured nearly $17 billion through two bond transactions: a €9 billion issue (approximately $10.6 billion) and a C$8.5 billion sale (about $6.2 billion).
Amazon confirmed its Swiss franc bond plans, with a spokesperson stating that proceeds will support general corporate operations and may finance future investments. A person with knowledge of the matter said Amazon has appointed JPMorgan Chase, BNP Paribas, and Deutsche Bank to oversee the transaction. The planned debt sale is expected to include six tranches with maturities ranging from three to 25 years.
Market analysts suggest the international fundraising reflects both the enormous financing needs of leading technology companies and the strong investor confidence they command. The shift toward overseas bond markets illustrates how the race to dominate AI is changing not only business priorities but also how Silicon Valley’s largest players finance their ambitions.
As AI systems become more advanced, companies like Datavault AI Inc. (NASDAQ: DVLT) are likely to develop even more sophisticated AI-powered solutions to meet evolving client needs, according to the press release.
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