Big Tech Is Borrowing Heavily to Build AI—And It's Reshaping Credit Markets

Morgan Stanley warns Big Tech will need to borrow $1.5 trillion for AI infrastructure. Companies issued $121 billion in bonds last year, triple the 2020 level. That debt binge echoes the 2000s telecom crash, though today's tech giants have stronger finances and steadier cash flows—a crucial difference lenders should weigh carefully.