U.S. Equity-Linked Strategies: AI Capex Funding: Why Equity? Why Converts?

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U.S. Equity-Linked Strategies: AI Capex Funding: Why Equity? Why Converts?

Equity Research

Equity Strategy

9 June 2026

U.S. Equity-Linked Strategies

AI Capex Funding: Why Equity?

Why Converts?

As AI capex becomes larger and longer duration, hyperscalers

U.S. Equity Strategy

are broadening their funding mix beyond IG debt. Equity and Venu Krishna, CFA

equity-linked capital can preserve debt capacity, strengthen +1 212 526 7328 venu.krishna@barclays.com

credit confidence, and support continued investment. BCI, US

Rex Feng

A reminder that we are entering the late innings of the 2026 Extel All-America Research Survey! If + 1 212 526 6114

you’ve already submitted your ballot, thank you – we truly appreciate it. If not, our team would be rex.feng@barclays.com

BCI, USgrateful for your consideration for a ★★★★★ 5 Star Vote in the [Macro] → [Equity-Linked

Strategies & Portfolio Strategy] categories. U.S. Convertibles Strategy

Jack Leung

Equity capital raise does not signal "last resort" financing. Debt markets remain open to AI +1 212 526 8432

hyperscalers, but equity broadens the funding base, reduces reliance on any single channel, and jack.leung@barclays.com

gives issuers more flexibility as AI investment stretches further into the decade. Moreover, equity BCI, US

can support credit confidence by strengthening credit metrics, adding a visible cushion for

bondholders, and preserving future debt capacity.

Converts bridge straight debt and common equity. They provide equity-linked capital

without requiring full common-stock issuance upfront, making them a flexible complement to

IG debt rather than a replacement. In addition, the US convertibles market provides speed of

access (one-day or overnight issuance) and structural flexibility, including dilution management