🔴Amazon's borrowing spree is testing investor risk appetite: Amazon, $AMZN, has now borrowed more than $100 BILLION so far this year, including debt maturing as far out as 40 and 50 years, making it the largest debt issuer among the hyperscalers leading the AI buildout. This comes as Amazon's latest bond sale, a $25 billion, 8-part offering, pushed down prices on existing hyperscaler bonds, as investors sold current holdings to free up cash for the new issue. Meanwhile, peak demand for the new Amazon offering reached ~$62 billion, roughly half the demand seen for its prior $37 billion deal in March. This suggests investor appetite is fading, not because credit quality has deteriorated, but because hyperscaler bonds are already heavily represented across portfolios. Looking ahead, more debt issuance is expected, which could widen corporate bond spreads across the technology sector. The massive tech buildout is becoming a growing pressure point for credit markets.