LSE:ALPH 22 December 2025

July 10, 2026, 5:56 PM EDT. Amazon shares dropped 0.69% to $245.34 after the company detailed its $25 billion bond sale, with 54% set to mature in 2036 or later. That's pointing to investor caution on long-term AI debt. Annual coupon on the deal comes to $1.3 billion, now outpacing Amazon's last reported free cash flow of $1.23 billion, as cash conversion comes into question after $147 billion was put into property and equipment. Amazon reported $143.1 billion in cash and good operating income, but longer-dated bonds are trading with higher yields, showing the risk premium around AI cloud. Demand was solid but not as strong as March's sale, with decent investor appetite but thinner order coverage. Some analysts flagged the growing premium on hyperscaler bonds and more questions about how the AI sector will play out over 10 years.