Barclays analysts said that major US technology companies will continue to issue bonds in the second half of the year, including Microsoft's expected return to the bond market, which may continue to put pressure on valuations for the rest of 2026. Barclays analysts Dominique Toublan and Andrew Keches wrote in the report that so-called hyperscale cloud service providers such as Microsoft, Amazon, Alphabet Inc., Meta Platforms Inc., Oracle, and SpaceX have issued equivalent bonds worth US$218 billion globally so far this year, and this scale may rise to about US$285 billion by the end of 2026. The bank's analysts said that the surge in the supply of debt related to artificial intelligence construction is pushing the high-rated bond market to an “inflection point.” They downgraded the rating of high-rated technology bonds from “equal allocation” to “low allocation.” “Although hyperscale cloud service providers continue to issue debt on a large scale, deteriorating transaction indicators suggest that the market's ability to accept is not limitless,” they wrote.

Barclays analysts said that major US technology companies will continue to issue bonds in the second half of the year, including Microsoft's expected return to the bond market, which may continue to put pressure on valuations for the rest of 2026. Barclays analysts Dominique Toublan and Andrew Keches wrote in the report that so-called hyperscale cloud service providers such as Microsoft, Amazon, Alphabet Inc., Meta Platforms Inc., Oracle, and SpaceX have issued equivalent bonds worth US$218 billion globally so far this year, and this scale may rise to about US$285 billion by the end of 2026. The bank's analysts said that the surge in the supply of debt related to artificial intelligence construction is pushing the high-rated bond market to an “inflection point.” They downgraded the rating of high-rated technology bonds from “equal allocation” to “low allocation.” “Although hyperscale cloud service providers continue to issue debt on a large scale, deteriorating transaction indicators suggest that the market's ability to accept is not limitless,” they wrote.