AI buildout just went to debt: hyperscalers' $35B/yr borrowing became $132B in months
For the first time in a decade, hyperscalers are funding AI infrastructure with borrowed money at scale: ~$35B of debt a year from 2020-24 became $93B in 2025 and roughly $132B already this year, including one of the largest corporate bond sales on record. Vanguard reads the shift as a maturing investment cycle, not distress, but S&P has already cut Oracle to BBB- on negative cash flow. Bond investors, not just equity holders, now carry the AI boom.