Alphabet (NASDAQ: GOOGL), Amazon (NASDAQ: AMZN), Meta (NASDAQ: META), and Oracle (NYSE: ORCL) have issued roughly $194 billion in bonds this year, nearly twice their combined total for all of 2025. Alphabet’s latest bond sale could add as much as $25 billion more, pushing its total debt issuance for the year to nearly $77 billion. The 10-part sale stretches from two-year notes all the way to bonds maturing in 2066, reflecting the long-horizon nature of AI infrastructure investment. During the first six months of 2026, Alphabet issued $51.8 billion in bonds and raised $49.6 billion by selling stock, with another $40 billion stock-sale program still available at the end of June. The shift away from buybacks signals how aggressively Big Tech is redirecting capital toward AI infrastructure at the expense of traditional shareholder return programs.