On November 4, people familiar with the matter said that Meta Platforms' USD bond issuance attracted subscription orders of up to $58 billion—roughly four times the minimum issuance size of $15 billion. The total cross-border financing is expected to reach at least $20 billion, and the company plans to issue its first euro-denominated bond as early as Wednesday. Despite the strong demand, Meta still had to offer higher yields to lure investors: the yield on its 2056 maturity bonds is about 2.2 percentage points above that of U.S. Treasuries, and roughly 0.9 percentage points higher than comparable bonds issued in April this year. The AI investment boom has driven up financing costs for tech giants, with the yield premium on large technology companies' bonds rising to the highest level since 2003, and credit default protection costs for some companies nearing historic highs. Analysts expect related companies to invest $4.5 trillion in AI over the next three years, of which Meta alone will account for more than $740 billion. Meta has also raised $37.5 billion through issuing common and preferred stock, and plans to issue up to $60 billion more in shares. S&P has already lowered its rating outlook to negative, citing pressure from AI spending.