Big Tech issued ~$200B of investment-grade debt in just six months. Is AI becoming a bond-market story too?

Amazon, Microsoft, Alphabet, Meta and Oracle issued roughly $200 billion of investment-grade debt in the first half of 2026…almost double what they issued in all of 2025. Tech now accounts for about 20% of new U.S. investment-grade issuance, and its share of the IG market has been rising.

Does that change how you think about diversification? If the same AI companies are becoming a bigger part of both stocks *and* bonds, where would you look for exposures that behave differently?

Source: JPMorgan, “Credit Market Outlook & Strategy,” as of July 17, 2026.

Referenced in the [iShares Fall Investment Directions](https://www.ishares.com/us/insights/inside-the-market/investment-directions-market-outlook)