Nvidia and Tesla have emerged as the world’s biggest investment-grade corporate borrowers in 2026, selling $20 billion and $10 billion of debt respectively this year.

The borrowing spree, reported in a Wall Street Journal analysis, is funding the artificial intelligence data-centre buildout and robotics ambitions of the two tech giants — even though both sit on large cash piles.

The scale of tech borrowing has caught the attention of regulators. The Bank of England on Wednesday warned that the rapid rise in AI-related debt issuance has increased capital markets’ exposure to the sector.

Morgan Stanley estimates global AI-related debt at around $450 billion in 2026, double last year’s total, as companies race to fund chips, data centres and power infrastructure.

Analysts say the trend marks a shift: even cash-rich technology companies are tapping bond markets at unprecedented scale to secure their position in the AI race.

Investors are watching whether the debt-fuelled buildout delivers the productivity gains the industry promises — or leaves behind a leverage hangover for markets to digest.