NVIDIA raised $25 billion and had $85 billion in orders. Because of the demand, it was able to upsize its offering and issue bonds in maturities ranging from 2 to 30 years at quite favorable interest rates. The amount raised is a quarter of a year's free cash flow and the spread tightened during the book building process, so bond investors obviously aren't on the same page as the author.

You really can't make a bearish argument about the amounts being raised without putting the numbers in perspective. Yes, the issuances are big, but the equity and cashflows are also big, so the amounts being raised in the bond market don't really align to the author's skepticism when it comes to NVIDIA, Google, Meta.

The author would have a stronger case with Oracle but that alone wouldn't support the "Big Tech" story line.

Edit: $25 billion is a quarter's worth of free cash flow for NVIDIA, not half a year's as I originally stated.

It's still not super huge compared to the amount of debt in other industries, but I guess the thought is it's riskier?

https://www.reuters.com/business/media-telecom/spacex-banker...

https://pivotal.substack.com/p/minsky-moments-in-venture-cap...