The Indicator from Planet Money · Wednesday, September 16, 2026
Companies like Alphabet, Amazon, Meta, and Microsoft, referred to as hyperscalers, are now major players in the corporate bond market, with some issuing $25 billion in new bonds at once. Their increased activity is competing with U.S. Treasuries for investor dollars, potentially pushing up yields on government debt.
“These companies along with Oracle are considered the main hyperscalers. This is a term we didn't really use that much until a few years ago. And now it's getting thrown around all the time.”
“If you go back just a few years, some of these names that are now at the very top of the issuance or debt outstanding list wouldn't have showed up in the top 10 or 20.”
“The bonds they're selling are now competing with US Treasuries for investor dollars. That's helping push up yields for treasuries.”