Tech companies sell hundreds of billions in debt, pushing Treasury yields past 5%

Silicon Valley used to pride itself on cash hoards so large they could fund small countries. Now those same companies are borrowing like there’s no tomorrow, and the bond market is starting to feel it. Goldman Sachs estimates that AI-related corporate debt issuance has reached roughly $489 billion through mid-2026. That flood of new bonds is one of the forces keeping 30-year Treasury yields stubbornly above 5%, a level that reshapes the risk calculus for every asset class, crypto included. The great AI debt binge Amazon alone has raised approximately $53 billion through bond offerings this year, including a massive $37 billion US issuance. That deal wasn’t even unique. It was the seventh tech bond sale exceeding $25 billion in 2026. Morgan Stanley has forecasted record investment-grade corporate bond sales for the full year, driven almost entirely by AI and data center buildouts. AI and high-grade bond supply hit $270 billion across currencies by early July 2026. That’s nearly double the figure from all of 2025. Why Treasury yields care about tech debt As of July 21, 2026, the 30-year Treasury yield sat at 5.13%. By July 22-23, it had ticked up to between 5.17% and 5.19%. When corp...