Hyperscalers: Hypergrowth, higher risk
Barclays Brief11 Nov 2025

Hyperscalers: Hypergrowth, higher risk

AI, hyperscaler capex, credit markets, and debt issuance: the landscape for big tech funding is shifting fast. In the latest episode of Barclays Brief, Ronnie Wexler is joined by Andrew Keches, Co-Head of US High Grade Credit Research, to unpack how the world’s largest technology companies have recently turned to the credit markets. They discuss how evolving from cash-funded expansion was strategically inevitable, but how a wave of debt issuance has recently overwhelmed credit markets. Together, they explore why this shift is happening now, what it means for both credit and equity investors, and how the risks and rewards are evolving as tech giants become more capital-intensive.

With spreads widening and new funding structures emerging, tune in to hear what investors should consider as the AI buildout accelerates.

Listeners can read more on this topic:

AI revolution: Meeting massive AI infrastructure demands

Clients can read more on Barclays Live:

(A)I Owe You: Framing Hyperscaler Financing

Powering AI Hub

Private Credit Hub

Important Research disclosures

Important non-Research disclosures

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Episoder(52)

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