On February 9, 2026, Alphabet, the parent company of Google, conducted its largest US dollar bond sale, successfully raising US$20 billion. This move exceeded initial expectations of US$15 billion, attracting over US$100 billion in orders, marking one of the largest order books in history. The proceeds from this bond sale are intended to support Alphabet's extensive capital expenditures, which the company projects will total as much as US$185 billion by 2026. The funding is primarily aimed at bolstering resources necessary for competing in the rapidly evolving field of artificial intelligence (AI), particularly the infrastructure required for data centers. As major tech companies, including Meta Platforms and Amazon.com, announce increases in spending to pursue aggressive AI initiatives, concerns arise around the potential impacts on credit markets. Nonetheless, investors appear undeterred, signaling confidence in long-term corporate credit despite apprehensions regarding the high levels of debt being incurred in the tech sector. Alphabet's recent bond sale is part of a broader trend where several tech giants, or 'hyperscalers', are expected to significantly escalate their capital expenditures, collectively reaching approximately US$650 billion by 2026. This uptick in financing activity anticipates an overall high-grade debt issuance reaching a record US$2.25 trillion in the same year. Past trends suggest intensified borrowing in tech an environment similar to the late 1990s and mid-2000s, which could result in tighter credit availability and increased default rates. Following a previously successful bond issuance in November 2025, when Alphabet raised US$17.5 billion, the company is evidently deepening its financial commitments to ensure it remains competitive in the burgeoning AI landscape.