On August 7, news broke that Alphabet had issued $25 billion in investment-grade bonds. Owing to their appealing yields, this bond issuance, closely tied to the AI sector, drew one of the most substantial order books of the year. At its peak, the subscription amount reached approximately $115 billion, ranking it second only to Oracle's February financing, which garnered $129 billion in orders, and Amazon's March bond issuance, which attracted roughly $126 billion in subscriptions. Since the start of 2025, Alphabet's total bond financing has surpassed $114 billion, reaffirming its position as the largest issuer of AI-related bonds during this period.