TLDR: Hyperscalers committed $725B in 2026 capex, up 77% from 2025’s record $410B set just a year prior. Non-USD bond issuance rose from zero in 2024 to 48% of hyperscaler funding by mid-2026. Alphabet set borrowing records in yen, CAD, CHF, and sterling within a single calendar year 2026…
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