Protos reports that AI companies have announced more than $200 billion in new borrowing and equity financing during the second half of the year, even as the PHLX Semiconductor Sector index lost roughly a quarter of its value over that stretch. Oracle filed for $20 billion in new debt and equity offerings, and Meta has a $95 billion financing plan. Microsoft priced a $25 billion bond on October 29, a sizable US debt offering that is its first in nine years. Year to date, hyperscalers have borrowed at least $214 billion, well above the $83 billion raised in all of 2025. CoreWeave's total debt now exceeds $35 billion, and its shares are down 63% from this year's high. Investor Michael Burry, writing to subscribers, likened Nvidia's off-balance-sheet financing to Enron.
Why it matters: The heavy borrowing during falling AI share prices highlights how investors are scrutinizing the sector's funding of its large spending.
Summary by Dextape, based on reporting by Protos. Written with AI from the publisher’s text and checked automatically for copied wording and unsupported figures. Not investment advice.
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