AI borrowers face tough sell in risky corners of US credit market

The artificial intelligence boom has arrived in the riskiest corners of US credit markets, where leery lenders are demanding more compensation to fund borrowers whose future earnings remain largely unproven.

AI-related issuance by low-rated firms has totaled $88 billion this year, according to Goldman Sachs, with most of the borrowing coming from US issuers. In the first 11 months of 2025, AI-related issuance in leveraged finance – mostly via junk bonds and loans – was just $20 billion, analysts said, citing Neuberger Berman data.