Tech equity sales renew AI debt-binge worries

Major US tech firms are raising enormous equity capital, with Alphabet conducting an $85 billion share sale and SpaceX completing a record $75 billion IPO, signalling aggressive AI-driven capex ahead. JPMorgan now forecasts $5.5 trillion in AI and data center spending through 2030 and about $2.1 trillion in tech bond issuance over five years, up sharply from prior estimates. Investor concerns are already showing in credit markets, with SpaceX's $25 billion bond deal seeing roughly $360 million in paper losses shortly after pricing and risk premiums on US tech bonds widening this month.