The Financial Times reported on the 12th, local time, that bond issuance for artificial intelligence (AI) infrastructure investments has hit a roadblock.

According to data compiled by Morgan Stanley, global AI-related new debt financing in September plummeted by more than half compared to August, dropping to 23 billion dollars (approx. 31 trillion won).

New AI-related debt financing has shown a continuous downward trend since recording 113 billion dollars (approx. 152 trillion won) last June.

In particular, within the U.S. investment-grade corporate bond market—where tech companies raised 306 billion dollars (410 trillion won) from January to August—the issuance of AI-related corporate bonds came to an almost complete halt in September.

The newspaper reported that as risks grew following months of explosive bond issuance, investors have started closing their wallets, questioning the long-term profitability of AI investments.

Morgan Stanley cited financing limits driven by oversupply as a core factor constraining new bond issuance.

So far this year, total AI-related debt has surged more than fourfold to 466 billion dollars (624 trillion won), compared to 101 billion dollars (135 trillion won) during the same period last year.

As the market becomes flooded with supply, bond investors have begun demanding higher interest rates, which directly translates into soaring financing costs for tech companies.

Doubts are also growing over when and how much returns AI will generate, alongside fierce local opposition to data center construction.

The Financial Times projected that the recent cooling in investor sentiment would likely impact scheduled large-scale fundraising efforts.

Wall Street banks are currently discussing financing packages worth 60 billion dollars for Broadcom and OpenAI, and 40 billion dollars for SpaceX to purchase Nvidia chips.

Jordan Leege, head of European credit at Monarch Alternative Capital, said, "The recent slowdown in new bond issuance could be a healthy breather to reassess credit risks," adding, "In a new industry where we have to lay the tracks while the train is running, we just hope the train doesn't derail before it's too late."

(Photo: AP, Yonhap News)