Big Tech's AI debt is becoming more expensive: Spreads on US investment-grade technology bonds have widened to roughly 110 basis points in November, up from around 80 basis points in October, their highest in at least 2 years. In other words, investors are demanding higher premiums as concerns over AI profitability, record capital spending, leverage and data-center returns intensify. Meanwhile, Meta issued $25 billion in bonds on November 3rd, with its 2056 notes priced 2.2 percentage points above Treasuries, almost 0.9 percentage points wider than its April deal. The sale formed part of a broader funding push, including $25 billion in common stock and $12.5 billion in preferred stock, alongside plans to raise up to $60 billion through an at-the-market equity program. Meta's $25 billion bond sale was below the $25 billion-plus offerings that had become standard, while Oracle's latest US dollar bond sale totalled just $10 billion. Overall, global investment-grade companies and projects have borrowed more than $415 billion this year. The AI debt binge is facing higher investor demands.