September 3, 2026
A Project Rainier data center in Indiana. Amazon is investing 11 billion dollars in this AI project with Anthropic and has raised 72 billion dollars from bond investors. Photo: Amazon.
By financing the hyperscalers’ artificial-intelligence buildout, bond investors are taking on more exposure to the same investment cycle that dominates the US stock market. That is awkward for an asset class many investors own precisely to diversify away from technology stocks.
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