Global investment-grade corporate bond spreads surged to 129 basis points on Thursday, the widest level since May 2025, driven by multiple factors including technology companies borrowing heavily for AI infrastructure, rising oil prices, and political turmoil in France. The market is concerned that tech giants like Meta are planning unprecedented fundraising, while it remains uncertain whether AI investments will translate into profits in a timely manner.

Meta disclosed in its quarterly filings that it is considering raising "hundreds of billions of dollars" over several years starting this autumn, with its spending commitments having climbed from approximately $700 billion in July to about $825 billion. Elon Musk's SpaceX is also seeking to raise $40 billion to purchase NVIDIA chips. So far this year, companies have collectively raised over $450 billion for AI-related expenditures, a figure expected to approach $1 trillion next year.