The Fed says data centre borrowing is now a third of US investment grade bond issuance.

The Board of Governors of the Federal Reserve System released its Financial Stability Report on Friday November 13, 2026. We read the report at federalreserve.gov. It is dated November 2026 and says it "generally reflects information that was available as of October 28, 2026." Reuters published its account at 21:02 Universal Time. The report states that "Advanced computing-related debt issuance rose to more than $680 billion by October 2026," and that advanced computing borrowing as a share of nonfinancial investment-grade corporate debt issuance "increased from less than 6 percent in 2023 to about 31 percent in 2026." Reuters puts that $680 billion at about 5 times the total for all of 2023. The report says outstanding public debt related to advanced computing "is estimated at more than $1.1 trillion," and that not yet commenced leases carry "undiscounted values" that "exceed $1 trillion." Reuters reports the Fed putting debt, guarantees and leases together above $3 trillion, and saying the largest firms' exposure could be "substantially larger" than their on balance sheet liabilities indicate. On banks, the report says "the largest U.S. bank holding companies have close to $1 trillion of exposure to large technology firms, data center developers, advanced computing-related SPEs and private credit vehicles, and utility companies," and that these exposures "are evaluated during the annual supervisory stress test." The report says the cycle "often draws comparisons to the late 1990s and early 2000s broadband telecom investment cycle" and "may surpass that of the 1990s telecom cycle relatively soon." On valuations: "The forward equity price-to-earnings ratio remained well above its historical median," with broad metrics elevated "partly driven by market enthusiasm for SI," the report's term for super intelligence. The autumn survey of salient risks drew 23 contacts across September and October, against 20 in the spring. AI "was the top-cited risk," with respondents naming "elevated equity valuations, AI-enabled cyberattacks, and complex forms of AI-related financing," and the report says mentions of AI, higher long term rates and cyberattacks rose most since spring. It also says "Reports that agentic systems have been involved in cyber events have increased in frequency since the May report." The figure carrying the survey percentages prints no values; Reuters reports 87% of contacts citing AI, up from 50% in May. The report gives no forecast.

1. Oct 30

   Amazon arranges up to $80 billion of borrowing secured on the computers it buys. Edition 067. The buildout starts pledging its own hardware.

2. Nov 2

   Oracle sells $10 billion of bonds at up to 8.650% and launches $10 billion of stock on the same day. Edition 070.

3. Nov 4

   Meta borrows 9 billion euros a day after $15 billion in dollars, and AMD tells the SEC it guarantees $8.5 billion of partners' leases and borrowings. Edition 074.

4. Nov 4

   America's bank regulator tells examiners to judge AI by consequences, not sophistication. Edition 077. The supervisory frame arrives before the numbers do.

5. Nov 13

   The Fed publishes the figures: more than $680 billion issued, about 31% of nonfinancial investment grade issuance, more than $1.1 trillion outstanding, and close to $1 trillion of bank exposure.