JPMorgan calculates that the five major hyperscalers plus NVIDIA have issued roughly $320B of debt so far in 2026, including special purpose vehicles behind data-centre lease obligations. In ten-year-equivalent terms the long-duration component is roughly $303B - about 68% of all new long-duration US Treasury borrowing this year. Goldman estimates nearly $500B of total AI-related issuance in 2026. AI debt is now the largest sector in the JP Morgan US Liquid index, ahead of US banks. The AI capex cycle has become a first-order participant in the long-end supply story rather than a bystander to it.