AI泡沫 Part 3. AI巨头借钱，凭什么让美国政府多付利息？
AI Bubble, Part 3: Why Big Tech’s borrowing is raising Washington’s interest bill
Crowding out usually means governments borrowing so much that companies are squeezed out of credit markets. In 2026 it ran the other way. Alphabet, Amazon, Meta, Microsoft and Oracle issued about $220 billion of debt by 10 August, more than three times last year’s total. We trace where that money comes from, the off-balance-sheet commitments beneath it, and why the AI build-out now shows up in everyone’s borrowing costs.