Shuli Ren, Columnist

An AI Bubble? The Bond Market Is Not Seeing One

November 11, 2025 at 7:00 PM UTC

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She is a CFA charterholder.

What bubble?
Photographer: Krisztian Bocsi/Bloomberg

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As a debt-fueled AI investment boom takes off, especially in cloud and data centers, many are worried that a tech bubble is forming in the global economy.

Big Tech has been rushing to sell corporate bonds lately. Five companies — Amazon.com Inc., Alphabet Inc., Meta Platforms Inc., Microsoft Corp. and Oracle Corp. — have raised $93 billion this year, more than the previous three years combined.