Breaking

Morgan Stanley Emerges as Wall Street's Leading Underwriter of AI-Related Debt

July 20, 2026 at 00:23 EDT

Funding & M&A
Infra & Chips

Morgan Stanley has arranged more than $65 billion of debt tied to artificial-intelligence infrastructure since October 2025, making it the top U.S. bank for AI-related bond deals as a wave of data-center construction reshapes corporate financing on Wall Street.

AI Infrastructure Financing · Wall Street

Morgan Stanley Rides the AI Boom With a $65 Billion Debt Push

Since October 2025 the bank has arranged more than $65 billion of debt tied to AI infrastructure — vaulting it to the top of U.S. banks as hyperscaler data-center spending reshapes how Wall Street makes money.

$65B+

AI-related debt arranged since Oct 2025 — #1 U.S. bank

~$236B

Global AI debt issued by late May 2026

~4×

More than the same period a year earlier

Global AI-Related Debt Issuance

Morgan Stanley Research projects the market more than doubles into 2026

~$236B

by late May 2026

~$570B

projected full-year 2026

Some analysts see the surge lifting total investment-grade issuance beyond $2 trillion.

Why the debt, not the cash

Hyperscaler data-center spending has outstripped internal cash flow — so the giants turn to the bond market to bridge the gap.

Amazon · Alphabet · Microsoft · Meta build data centers

→

Spending exceeds internal cash flow

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Long-dated bonds arranged by Morgan Stanley

Upside

Advisory and underwriting revenue rose sharply as AI financing became a primary driver of dealmaking — an early lead over rivals like JPMorgan.

Caution

Banks are spreading concentration risk to private deals and wider investors as buyers push back on some long-dated AI bonds.

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