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Hyperscalers have already exceeded Moody's 2026 full-year issuance forecast, issuing more debt in the first half of 2026 than in the last three years combined. — Indicates a massive acceleration in capital formation for AI infrastructure, driving sustained bond issuance demand that benefits Moody's ratings revenue but also signals aggressive capex plans for the hyperscalers.

Year-to-date debt issuance from the top five hyperscalers has already exceeded full-year 2025 levels, signaling massive AI infrastructure capex that will require ongoing funding. — Record hyperscaler bond issuance means these companies are front-loading debt to fund AI data centers, a multi-year buildout that will pressure their balance sheets but also drive structural demand for ratings and analytics.

Moody's rated over $70bn of debt from Alphabet, Amazon, and Meta in Q4 alone, largely tied to AI investment programs, indicating a massive capex cycle that benefits AI hardware and data center suppliers. — The debt issuance directly funds AI infrastructure buildouts, creating downstream demand for GPUs, networking, and data center equipment.