Amazon has returned to the U.S. debt market, raising approximately $12 billion through a bond offering. The proceeds will be used to fund key initiatives including artificial intelligence development and infrastructure expansion plans. This move comes at a time when tech giants are accelerating their investments in AI, and reflects an overall trend of surging corporate bond issuance globally. Amazon has recently signed a major deal with OpenAI, providing them access to Nvidia GPUs for AI development, and has doubled its data center power capacity since 2022. The company’s capital expenditures have increased significantly, rising by 61% year-over-year in the third quarter of 2023. The offering includes six tranches of investment-grade bonds, with the longest being a 40-year note. This follows similar large-scale bond offerings from other tech giants like Alphabet, Meta, and Oracle recently.