The Indicator from Planet Money · Wednesday, September 16, 2026
Despite concerns, there appears to be significant investor demand for the bonds issued by hyperscalers to fund AI infrastructure. For instance, Alphabet received orders worth over four times the amount of its $25 billion bond sale in August. However, Zachary Griffith notes that investors are beginning to demand slightly higher yields, indicating that pricing is becoming a more critical factor.
“Is there enough demand out there for all of these new AI related bonds? That's our first question.”
“Here's a recent example. In August, Alphabet sold $25 billion in bonds. That's Google's parent company. Zachary says Alphabet got orders worth more than four times that amount. That indicates healthy demand.”
“That Alphabet deal is a great case study in what we think is likely to be the environment going forward. There's demand there, but the pricing is starting to get called into question.”