Just today, Google officially announced that it will issue $20 billion in corporate bonds, aimed at providing funding support for its data center projects. This move also reflects the major trend in the industry: based on existing data, the total capital expenditure of the five largest cloud service providers is expected to rise to $660 billion by 2026.

In response to this phenomenon, Morgan Stanley analysis pointed out that by 2026, the total financing amount for large-scale cloud vendors in the market will exceed $400 billion. This scale represents a significant increase compared to $165 billion in 2015. With the surge in financing demand, the supply in the U.S. high-grade corporate bond market will significantly expand, undoubtedly leading to an increasing trend in yield spreads between different companies.