• J.P. Morgan projects a record $1.8 trillion in global bond sales for 2026, driven by widespread AI adoption.
  • The forecast reflects an acceleration in corporate and government borrowing to fund technological infrastructure and digital transformation.
  • This surge in issuance comes amid a favorable backdrop of low-to-moderate interest rates and high investor demand for yield.

J.P. Morgan Chase & Co. is forecasting an unprecedented wave of global bond issuance, predicting that the artificial intelligence boom will help drive a record $1.8 trillion in sales during 2026. The projection, detailed in a recent analysis from the bank's strategists, points to a fundamental shift in capital markets as corporations and governments race to fund AI adoption.

The anticipated surge represents a significant acceleration in debt markets, fueled by what one person familiar with the matter described as "a capital-intensive technological transformation across nearly every industry." Companies are expected to tap bond markets to finance data center construction, semiconductor procurement, and the integration of AI systems into their core operations.

This forecast arrives amid a relatively benign interest rate environment that makes debt issuance attractive for borrowers. At the same time, robust investor appetite for fixed-income assets, particularly as yields from other asset classes remain moderate, is expected to absorb the increased supply. J.P. Morgan's own economic outlook, which includes U.S. GDP growth of 4.4% for both 2025 and 2026, provides a supportive macroeconomic backdrop for this capital-raising frenzy.

While the bank's analysts are broadly optimistic about the capacity of markets to handle this volume, some caution that the long-term implications hinge on the productivity gains from AI investments materializing as expected. A misallocation of capital or a failure of AI-driven growth to meet lofty expectations could introduce future refinancing risks, especially if interest rates were to climb higher.

Efforts to reach a J.P. Morgan spokesperson for additional comment were not immediately successful. The bank's influential role in global debt capital markets lends significant weight to its projections, which are closely watched by institutional investors and corporate treasurers alike.

Correction: An earlier version of this article misstated the forecast year; the projection is for 2026.