“How AI giants could raise the cost of borrowing in Europe”

Key points

• US hyperscalers issued about $250 billion in dollars and €37 billion in euros since 2025.
• Next year Goldman Sachs projects AI bond sales reaching $420 billion globally.
• ECB warned AI inflows could make it harder for others to access finance.
• France's 10-year yield rose from ~3.7% to ~5%, widening debt service.
• European governments and regions could face higher costs and must adjust budgets.