Tencent is considering raising up to $5 billion through an offshore bond sale as the Chinese tech giant ramps up spending on AI and computing infrastructure, Bloomberg News reported on Thursday. The bonds could be issued in US dollars and offshore yuan, with a sale possible early this month, people familiar with the matter said. The move would follow Tencent’s $4.66 billion bond offering in June, its largest debt deal since 2020. Proceeds from that issuance were used for general corporate purposes, including AI development. The fundraising comes as global tech companies tap debt markets to finance AI investments. Last month, Japan’s SoftBank raised about $11.1 billion through a corporate junk-bond offering to fund its AI plans. Oracle, Broadcom and SpaceX are also seeking large debt deals to pay for AI chips, the Wall Street Journal reported. Tencent did not immediately respond to a Reuters request for comment. The company has been spending heavily on AI alongside its peers as competition in the sector intensifies.