J.P. Morgan: AI Bond Issuance Hits $266 Billion, Investment Booms Rarely End Gently

According to Chaoxiang Research, a JPMorgan research report dated September 9, 2026 notes that since the beginning of 2026, USD-denominated high-grade bond issuance related to AI capital expenditure has reached $266 billion. Of this, mega-cap companies issued $182 billion, data center operators $42 billion, and semiconductor firms $42 billion. This figure surpasses the full-year total of $139 billion in 2025 and is more than nine times the $29 billion issued throughout all of 2024. The report projects that financing needs for AI capital expenditure in the high-grade bond market will reach $2.1 trillion over the next five years.