Nvidia is seeking to raise over $25 billion（約4兆円） in bonds as tech companies pivot to alternative financing amid signs of market fatigue.

What happened: Nvidia plans its first bond offering since 2021, seeking to raise over $25 billion（約4兆円）. This move follows similar financing pivots by other major tech players—Anthropic secured a $35 billion（約5.6兆円） private credit deal backed by Broadcom, and Alphabet raised $85 billion（約14兆円） through equity issuance earlier this month.

Why it matters: Nvidia's free cash flow jumped 59 percent to $96.6 billion（約15兆円） in the year to January, yet the company faces valuation pressure after its market capitalization dropped below $5 trillion（約800兆円） at the end of last week, down from about $5.7 trillion（約910兆円） in May. Bond markets offer a way to raise capital without further diluting shareholders during a period of semiconductor market weakness.

What to watch: Bond investors are increasingly concerned about concentrated risk in AI financing. Nvidia has committed more than $90 billion（約14兆円） to AI developers and suppliers, and has agreed to act as a financial guarantor for customers like CoreWeave and Nscale—a practice that, combined with the broader interdependence of AI companies, has raised worries about cascading problems if any major player in the ecosystem faces difficulties.