Alphabet and fellow hyperscalers Meta and Microsoft were added to the CDX Investment-Grade Index during its semiannual refresh, expanding the 125-company benchmark used by investors to hedge credit risk or express views on corporate debt. The move highlights Alphabet’s elevated position among top-tier issuers and its integration into major credit hedging strategies.

The inclusion reflects Alphabet’s record issuance of investment-grade bonds to fund AI infrastructure, joining a broader trend of technology giants tapping debt markets to finance data centers, GPUs, and other AI-related capital expenditures. This surge in debt has shifted investor focus toward the creditworthiness and funding strategies of hyperscalers.

Credit default swaps linked to high-grade technology firms have become among the most actively traded US derivatives outside financials, with enhanced liquidity and volume driven by AI spending. The index reshuffle also tends to boost trading in the new on-the-run series as investors rotate into the updated benchmark.