In June 2026, global capital markets witnessed an extraordinary wave of debt issuance. On June 15, NVIDIA announced a $25 billion investment-grade bond offering across seven tranches—its first return to the bond market since 2021 and the largest debt financing in the company’s history. The initial target was $20 billion, but overwhelming demand—totaling around $85 billion, more than triple the planned issuance—led NVIDIA to expand the deal to $25 billion.
NVIDIA wasn’t alone. In February 2026, Oracle unveiled a year-long financing plan of $45–50 billion, balancing equity and debt to fund its cloud infrastructure expansion. Earlier in June, Amazon completed a CAD 14 billion (about $10 billion) Canadian dollar-denominated bond issuance, setting a new record for the Canadian corporate bond market.
The capital maneuvers of these three core players in the AI industry collectively illustrate the massive landscape of tech sector debt financing in 2026. Morgan Stanley projects that global AI-related debt issuance will more than double this year, reaching nearly $570 billion. As of May 31, AI-related debt issuance had already hit roughly $236 billion—four times the level seen during the same period last year.
Against this backdrop, understanding the differences and rationale behind the capital structures of NVIDIA, Oracle, and Amazon—and how investors can participate in the equity growth of these AI giants through platforms like Gate—holds significant practical value.
NVIDIA’s $25 Billion Bond Issuance: Why Does a Cash-Rich Giant Borrow?
Issuance Size and Structure
NVIDIA’s bond offering consisted of seven tranches, with maturities ranging from 2 to 30 years, covering due dates from 2028 to 2056. Each tranche ranged between $3.5 and $4 billion, with yields from 4.25% for the 2028 bonds to 5.625% for those maturing in 2056. Spreads over comparable US Treasuries ranged from 20 to 65 basis points, with the 30-year tranche carrying a spread of about 0.65 percentage points.
Goldman Sachs, JPMorgan, and Morgan Stanley served as bookrunners for the transaction. Notably, NVIDIA skipped the typical pre-sale investor call for investment-grade bonds. CreditSights analyst Andy Li remarked: "NVIDIA has dominant market positioning and robust financials, so there’s no need to aggressively pitch itself to investors."
Motivation: Not a Cash Need, but Building a Credit Benchmark
As of April 2026, NVIDIA held about $13.2 billion in cash and equivalents. Its fiscal 2026 revenue had grown to $216 billion. Analysts expect NVIDIA to generate over $200 billion in free cash flow for the fiscal year ending January 31, 2026.
Given this, why issue $25 billion in bonds? According to insiders, the primary motivation isn’t to fund capital expenditures, but to "establish a liquid credit cost benchmark"—setting a pricing reference for NVIDIA’s credit in the investment-grade debt market and providing greater financial flexibility. Unlike hyperscalers who issue debt to finance AI investments, NVIDIA capped the issuance at $25 billion to maintain a low credit spread.
Proceeds will be used for general corporate purposes, including repayment and refinancing of existing debt.
Market Response: The Signal Behind $85 Billion in Orders
The offering attracted approximately $85 billion in orders—more than three times the issuance size. This oversubscription sent a clear signal: even the most conservative bond investors have strong confidence in NVIDIA’s financial health and the ongoing AI infrastructure investment cycle.
NVIDIA’s stock rose about 3.5% on the day the news broke. Equity investors viewed the move as strategic rather than defensive—debt financing doesn’t dilute shareholder value, especially for a company generating substantial cash.
NVIDIA Bonds vs. Stock: Allocation Logic
For investors, NVIDIA bonds and stock represent fundamentally different risk-return profiles. Bond investors focus on balance sheet strength, stable cash flow, and repayment ability, while equity investors prioritize growth momentum and valuation expansion. The newly issued long-term bonds (maturing in 2056) offer a 5.625% yield with just a 65-basis-point spread, reflecting high market confidence in NVIDIA’s credit quality. By contrast, NVDA stock is up about 14% year-to-date, with analysts’ average target price around $311—implying roughly 46.6% upside. Bonds provide predictable fixed income, while stocks offer growth exposure—each plays a distinct role in asset allocation.
Oracle and Amazon: Different Financing Paths, Same AI Narrative
Oracle: $45–50 Billion Balanced Equity and Debt Strategy
In February 2026, Oracle announced a year-long $45–50 billion financing plan to expand its rapidly growing Oracle Cloud Infrastructure business. Key clients include AMD, Meta, NVIDIA, OpenAI, TikTok, xAI, and others.
Oracle’s strategy emphasizes balance: debt and equity financing each account for about half. On the equity side, the plan includes mandatory convertible preferred securities and up to $20 billion in "at-the-market" equity issuance. On the debt side, Oracle aims for a one-time investment-grade senior unsecured bond offering early in 2026. The company has stated it will not issue additional bonds outside this transaction during the calendar year.
This approach is designed to maintain a strong investment-grade balance sheet while keeping leverage in check. Goldman Sachs will lead the bond issuance, with Citi managing the equity offering.
Amazon: Global, Multi-Currency Debt Strategy
Amazon’s financing strategy is more global in scope. Since early 2025, Amazon has raised over $70 billion in debt across multiple currencies, including US dollars, euros, and Swiss francs.
In early June 2026, Amazon completed a CAD 14 billion (about $10 billion) investment-grade bond issuance—the largest in Canadian corporate bond market history. The deal attracted about CAD 28 billion in orders, double the issuance size. The bonds were issued in five maturities, ranging from 3 to 30 years, with the longest tranche priced at a 1.10 percentage point spread.
This Canadian dollar bond issuance followed Alphabet’s CAD 8.5 billion bond deal in May 2026—which had set the previous market record. Bloomberg Intelligence analysts noted that Amazon’s entry into the Canadian market soon after Alphabet "signals that, as data center capacity spending accelerates, more borrowing in alternative currencies or via equity is taking place."
On June 8, 2026, Amazon also signed a $17.5 billion senior unsecured delayed-draw term loan agreement, allowing it to access funds as needed through September 30.
Comparing Capital Structures: Three Distinct AI Financing Strategies
| Dimension | NVIDIA | Oracle | Amazon |
|---|---|---|---|
| 2026 Financing Size | $25B bonds | $45–50B (half equity, half debt) | $70B+ (multi-currency) |
| Financing Tools | Single bond issuance | Bonds + convertible preferred + ATM equity | Multi-currency bonds + term loans |
| Main Purpose | Establish credit benchmark/refinance | Cloud infrastructure expansion | Capex/debt refinancing |
| Financial Traits | $216B annual revenue, $200B+ free cash flow | Cloud infra revenue YoY +93% | Nearly $200B capex in 2026 |
| Credit Rating | AA | Investment grade | Investment grade |
While all three companies tap the debt markets, their approaches differ significantly. NVIDIA’s bond issuance is more "strategic"—aimed at establishing a credit benchmark rather than driven by funding needs. Oracle pursues a balanced equity-debt strategy, seeking equilibrium between expansion and credit maintenance. Amazon leverages a global, multi-currency debt structure to secure the largest possible funding at the lowest cost. What unites them: all three benefit from the long-term narrative of AI infrastructure investment, and low-cost liquidity from the bond market fuels this story.
Gate Real Stock Trading: One-Click Allocation of AI Leaders with USDT
As AI companies ramp up their bond issuances, how can ordinary investors participate in the equity growth of these AI giants? On June 1, 2026, Gate officially launched real stock trading services, providing users with a direct channel to invest in US stocks using USDT.
Core Product Features
Gate stock trading now supports over 11,500 stocks and ETFs, covering all five major US stock exchanges, including NYSE and Nasdaq. Users can invest in global giants listed on NYSE and Nasdaq directly with USDT from their account—no currency conversion required. The platform also supports fractional shares starting at just 0.01 shares, lowering the entry barrier for high-quality stocks.
Key Advantages
Direct USDT Trading, No Currency Conversion Needed: Traditional US stock investing requires opening offshore brokerage accounts, currency conversion, and cross-border transfers—a cumbersome and time-consuming process. Gate allows users to trade US stocks directly with USDT, eliminating currency conversion costs and delays.
Zero Holding Costs: Unlike CFD products that incur swap fees, overnight rates, and other holding interest, Gate’s real stock spot trading involves no funding rates or overnight holding fees, making it ideal for long-term allocation of US stock assets.
Low Trading Fees: Gate’s spot stock trading fee is as low as 0.023%, fully integrated with the VIP tier system. Users with $2,000 in holdings can enjoy this exclusive rate.
Regulatory Compliance: Gate connects directly to the US securities market through a strategic partnership with compliant broker Alpaca, emphasizing real market access and regulatory compliance.
One-Stop Multi-Asset Allocation: Users can trade both cryptocurrencies and stocks within the same account, avoiding the hassle of switching between multiple brokers and exchanges, and enabling more efficient capital rotation and portfolio management.
How to Trade NVDA and Other US Stocks on Gate
Step 1: Update your Gate App to version v8.21.5 or above.
Step 2: Ensure your account has a USDT balance for stock trade settlement.
Step 3: Navigate to TradFi → Stocks section, and search for the target stock ticker (e.g., NVDA, ORCL, AMZN).
Step 4: Choose your trade direction (buy/sell), enter the quantity (supports fractional shares, minimum 0.01), and confirm the order.
Conclusion
2026 is shaping up to be a pivotal year for capital operations in the AI industry. NVIDIA is returning to the debt market with a $25 billion bond issuance, Oracle is raising $45–50 billion through a balanced equity-debt approach to expand its cloud infrastructure, and Amazon is expanding its global financing footprint with a record-breaking Canadian dollar bond deal. These three companies, each taking a different path but moving in the same direction, are collectively driving the capital wave behind AI infrastructure investment.
Morgan Stanley forecasts that AI-related debt issuance will reach $570 billion in 2026. In this AI-driven cycle of capital expansion, the bond market provides tech giants with low-cost, efficient financing channels, while the stock market offers investors a way to participate in the growth of the AI sector.
For investors looking to allocate equity in leading AI companies, Gate’s real stock trading service offers a low-barrier, highly efficient entry point. Trade over 11,500 stocks directly with USDT, enjoy zero holding costs, fees as low as 0.023%, and a 16-hour pre-market and after-hours trading window—all features that bridge the gap between crypto assets and traditional financial markets.
Whether you’re a fixed-income investor focused on NVIDIA’s bond issuance or a growth-oriented investor seeking exposure to NVDA stock, understanding the capital structure logic of different AI industry players is essential for making rational allocation decisions. Gate’s cross-market trading capabilities provide unprecedented convenience for this allocation process.
