Amazon NASDAQ:AMZN, a major technology company operating cloud-computing and online-retail businesses, fell approximately 1.1% in Wednesday's regular-session trading as investors assessed weakening demand for hyperscaler debt. Amazon, Alphabet, Meta Platforms and Oracle issued approximately $194 billion of bonds through July 7, according to Reuters' analysis of LSEG data. That amount was 79% higher than the roughly $108 billion issued during all of 2025.
Goldman Sachs expects those companies and Microsoft NASDAQ:MSFT, a software and cloud-computing provider, to issue approximately $250 billion during 2026 and $400 billion in 2027. Cover ratios measuring orders relative to bonds offered declined from nearly five times in February to less than two times in July. Amazon's March bond sale was approximately 3.4 times oversubscribed, while its July offering attracted orders equal to only about 1.6 times the amount sold.
Amazon's latest $25 billion sale widened the spread on one of its earlier 30-year bonds by approximately 20 basis points, according to Sage Advisory. Among 91 comparable hyperscaler bonds issued during 2026, 78 were trading at higher yields than at issuance, with a median increase of approximately 22 basis points. Goldman estimates that debt is funding roughly one-third of current hyperscaler capital expenditure. Amazon will report second-quarter results Thursday, July 30, at 5 p.m. ET, when investors may examine whether cloud growth and operating cash generation support the borrowing required for its AI infrastructure plans.