{ "story_id": "f2b0c9f3d86b4a2d713d203d061f8fe4", "desk": "drm3", "revision": 1, "published_at": "2026-09-04T03:00:00.000Z", "content_hash": "9463b567dd65b28566236399dafecede5a398a5cc5cdf5befe5fae75fdd80e51", "hash_basis": "sha256 over `headline\\ndek\\nprose`, plus `\\n` + the canonical citations JSON when any source is placed, plus `\\n#blog` for blogs", "basis": { "headline": "US Hyperscalers' Euro Borrowing May Crowd Out European Firms", "dek": "US tech giants' massive euro bond issuance could raise borrowing costs for European governments and firms.", "prose": "European Central Bank researchers warned that sustained high-volume borrowing by US hyperscalers in euros could crowd out European firms and governments from their domestic bond market. [^1]\n\nThe European Central Bank (ECB) published an analysis on its blog warning that American technology giants are increasingly using the Eurozone bond market to finance artificial intelligence investments. [^2]\n\nThe European Commission adopted the Savings and Investments Union strategy on March 19, 2025, targeting approximately €10 trillion in EU household savings held in bank deposits. [^3]\n\nExcluding financial companies, US Big Tech now represents almost 10% of gross new issuance of euro-denominated bonds, led by Amazon and Alphabet. [^4]\n\nThe European Central Bank cautioned that if debt raising by US hyperscalers continues at the current pace, it could test investor appetite and raise borrowing costs for issuers in unrelated industries. [^5]\n\nAmerican technology giants currently hold approximately 40 billion euros in Eurozone bonds, accounting for nearly 10% of new corporate bond issuance in the Eurozone this year. [^6]\n\nEuropean Central Bank analysis cited by the Commission suggests that if EU households aligned their deposit-to-financial-assets ratio with that of US households, up to €8 trillion could be redirected into market-based investments. [^7]\n\nThe Commission stated that about 70% of household savings in the EU is currently held in deposits, which are safe but earn less than capital-market instruments. [^8]\n\nThe Commission's stated purpose is to improve how the EU financial system channels savings to productive investment and create a wider range of financial opportunities for citizens and businesses. 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