For the past two years, the easiest way to play artificial intelligence was to buy the companies building the technology. NVIDIA Corp. (NASDAQ:NVDA) became the face of the AI boom as hyperscalers raced to buy graphics processing units, build data centers and expand computing capacity.

• NVIDIA shares are advancing steadily. Why is NVDA stock advancing?

But a new question is emerging on Wall Street: How will all of this be financed?

The answer is increasingly pointing investors away from semiconductors and toward the bond market.

Nvidia May Be Signaling The Next Phase Of The AI Boom

Earlier this week, Nvidia raised $25 billion through a bond offering, its first major corporate debt issuance in years. The deal reportedly attracted roughly $85 billion of investor demand, underscoring the appetite for AI-related credit.

The move is notable because Nvidia is hardly a company struggling for cash. The chipmaker has become one of the most profitable companies in the world thanks to surging demand for AI infrastructure.

If even Nvidia sees value in tapping debt markets, investors are beginning to ask what that means for the broader industry.

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