Google Bets $17bn On Wyoming

US investment-grade corporate bond issuance reached $1.88 trillion this year, surpassing the 2020 record, driven by Big Tech firms funding AI projects. Amazon, Alphabet, Meta, Microsoft, and Oracle raised over $370.7 billion combined. Apple recently issued $7.5 billion in bonds. Rising interest rates and AI regulation concerns may impact future debt issuance.

US investment-grade corporate bond sales hit a record $1.88T in 2023, up 18.7% YoY, driven by Big Tech firms funding AI investments. Amazon, Alphabet, Meta, Microsoft, and Oracle raised over $370.7B combined. Apple recently issued $7.5B in bonds. Rising interest rates and regulation concerns loom, with default insurance costs increasing for major AI spenders.

Meta completed a $15 billion bond sale with maturities from 2031 to 2056, coupons ranging 5.85% to 7.50%. Underwriters exercised options for 6M additional shares, lifting forward equity proceeds to $28.7B. Funds support AI infrastructure, with 2026 capex expected at $135B-$145B. Long-term debt was $80.92B at Q3 2025.

A New Mexico judge ordered Meta to pay $25 billion for deceptive statements about data privacy and its handling of the Cambridge Analytica scandal. Meta plans to appeal. The ruling focused on Facebook's inadequate processes for investigating data misuse and failure to notify users. Meta called the case a 'tax on speech,' while New Mexico's AG said the state's legal action is ongoing.

Meta acquired Conductor, an AI coding tool, which will shut down its cloud service on Nov. 20, 2026. Users must export projects by this date. The local Mac app will continue until early 2027. Conductor confirmed the acquisition and shutdown schedule, offering refunds to active subscribers. Meta's plans for Conductor remain unclear.

Dropbox reported Q3 revenue of $637M, exceeding guidance, with a 42% operating margin. CEO Ashraf Alkarmi highlighted infrastructure strategy and AI focus for long-term value.