US technology companies are increasingly financing artificial-intelligence development and data-center construction by issuing bonds in euros as well as dollars. Alphabet issued more than €13 billion in two euro bond offerings last year and a further €9 billion this year, while Amazon followed with a €14.5 billion euro-denominated corporate bond, described as the largest of its kind.

European Central Bank and De Nederlandsche Bank economists warned that a large supply of such debt could compete with European corporate bonds and eventually raise borrowing costs for European companies. They said this displacement has not yet occurred in Europe. The new bonds could also give investors more choice and help large European investors manage interest-rate risks. It remains unclear whether investors will switch from government bonds to technology bonds, which could make government borrowing more expensive; there is no clear evidence of that so far.