Morgan Stanley: Global AI-related debt issuance fell more than 50% in September.

According to data compiled by Morgan Stanley, global AI-related debt issuance fell to $23 billion in September, less than half of August's volume. Since hitting a record peak of $113 billion in June, new AI-related financing has continued to decline. In June, companies issued debt on a large scale to raise funds for data centers, chips, and other key AI infrastructure. From January to August, U.S. blue-chip technology companies issued a cumulative total of about $306 billion in the U.S. investment-grade bond market, but by September, AI-related bond issuance in that market had nearly ground to a halt. Morgan Stanley said the primary reason for the decline in new debt issuance is that large-scale borrowing had already been completed earlier this year. At the same time, however, investors are increasingly concerned about whether such massive investment can generate returns over the long term; in addition, U.S. data center construction is also facing growing public and political resistance.