Microsoft to raise up to $25 billion in bond market as investors get pickier about AI debt binge
THE SO WHAT
Microsoft tapping up to $25B in bonds while investors get choosier about AI debt is a sign the cheap-capital phase of the AI buildout is maturing. If you’re not a top-tier credit, assume higher scrutiny on AI capex stories—tie every major spend to specific, near-term cash flows rather than vague “AI leadership” narratives.
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